What isBANK SECRECY? What does BANK SECRECY mean? BANK SECRECY meaning - BANK SECRECY definition - BANK SECRECY explanation.
Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license.
Bank secrecy (or bank privacy) is a legal requirement in some jurisdictions which prohibits banks providing to authorities personal and account information about their customers, except in certain conditions, such as if a criminal complaint has been filed. In some cases, additional privacy is provided to beneficial owners through the use of numbered bank accounts or in other ways. Bank secrecy is prevalent in certain countries such as Switzerland, Lebanon, Singapore and Luxembourg, as well as offshore banks and other tax havens under voluntary or statutory privacy provisions.
Numbered bank accounts were first created in Switzerland by the Swiss Banking Act of 1934, where the principle of bank secrecy continues to be considered one of the main aspects of private banking. Switzerland has also been accused by NGOs and governments of being one of the main instruments of the underground economy and organized crime, in particular following the class action suit against the Vatican Bank in the 1990s, the Clearstream scandal and the terrorist attacks of September 11, 2001. Former bank employees from banks in Switzerland (UBS, Julius Baer) and Liechtenstein (LGTGroup) have testified that their former institutions helped clients evade billions of dollars in taxes by routing money through offshore havens in the Caribbean and Switzerland. One of these, Rudolf M. Elmer, wrote, "It is a global problem...Offshore tax evasion is the biggest theft among societies and neighbor states in this world." The SwissParliament ratified on June 17, 2010 an agreement between the Swiss and the United States governments allowing UBS to transmit to the US authorities information concerning 4,450 American clients of UBS suspected of tax evasion.
Advances in financial cryptography (e.g. public-key cryptography) could make it possible to use anonymous electronic money and anonymous digital bearer certificates for financial privacy and anonymous Internet banking, given enabling institutions (e.g. issuers of such certificates and digital cash) and secure computer systems.

Subscribe! http://bitly.com/1iLOHml
Swiss banks have been scrutinized the last few years for alleged unscrupulous business conduct. So what unethical practices are they accused of?
Learn More:
Tax JusticeReport
http://www.taxjustice.net/cms/upload/pdf/TUIYC_2012_FINAL.pdfHSBC: CorporateRap Sheet
http://www.corp-research.org/HSBC
"Once a staid financial institution with a focus on Asia, HSBC has found itself caught up in recent years in scandals involving predatory lending, tax evasion and the role its lax internal controls have played in helping drug traffickers and organizations said to be linked to terrorist groups."
Swiss bank secrecy in toughest test since Nazi gold
http://www.reuters.com/article/2008/12/11/us-banking-secrecy-switzerland-idUSTRE4BA0CV20081211
"Nearly one-third of wealth kept abroad globally is in Swiss banks: the Swiss Bankers Association and consultants estimate this at $2.2 trillion, making the Alpine state the globe's biggest offshore center ahead of Britain and Luxembourg."
Watch More:
How Are US Companies Avoiding Billions in Taxes?
https://www.youtube.com/watch?v=-o-zPXB_F6Y
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published:18 Feb 2015

views:394532

Several bank officials invoked the bank secrecy law on Tuesday's Senate inquiry on the $81-million money laundering scandal. The law, which was enacted in 1955, ensures the confidentiality of all bank deposits, except if there is a written consent from the depositor, if an account is linked to a graft and corruption case, and if it is related to litigation. - The World Tonight, ANC, March 16, 2016

published:16 Mar 2016

views:1859

The BankSecrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.
This video is targeted to blind users.
Attribution:
Article text available under CC-BY-SACreative Commons image source in video

Changes to bank secrecy laws in Belgium are here, and their implications are very far-reaching. WorldFinance finds out more about how they are allowing inspectors greater access to bank accounts and what protection taxpayers can expect.
In an attempt to crack down on tax evasion Belgium has changed its bank secrecy laws to give inspectors greater access to bank accounts. World Finance speaks to Jonathan Chazkal of Association Afschrift about how the rules have changed and what guarantees taxpayers have under this increased scrutiny.
For a full transcript visit: http://www.worldfinance.com/wealth-management/association-afschrift-on-belgiums-new-bank-secrecy-laws
For more World Finance interviews go to http://www.worldfinance.com/videos/

European Union finance ministers have reached a breakthrough agreement that will make it more difficult for tax cheats to hide their money. The new legislation, which had been blocked for years by countries with a reputation as tax havens, was approved last week after Luxembourg and Austria agreed to lift their vetoes. But as Mil Arcega reports, it doesn’t mean tax cheats have run out of places to keep their money hidden.
Originally published at - http://www.voanews.com/media/video/luxembourg-drops-bank-secrecy-rules/2490428.html

Created by the Swiss Banking Act of 1934, which led to the famous Swiss bank numbered account, the principle of bank secrecy is always considered one of the main aspects of private banking. It has also been accused by NGOs and governments of being one of the main instruments of underground economy and organized crime, in particular following the class action suit against the Vatican Bank in the 1990s, the Clearstream scandal and the terrorist attacks of September 11, 2001. Former bank employees from banks in Switzerland (UBS, Julius Baer) and Liechtenstein (LGT Group) have testified that their former institutions helped clients evade billions of dollars in taxes by routing money through offshore havens in the Caribbean and Switzerland. One of these, Rudolf M. Elmer, wrote, "It is a global problem...Offshore tax evasion is the biggest theft among societies and neighbor states in this world." The Swiss Parliament ratified on June 17, 2010 an agreement between the Swiss and the United States governments allowing UBS to transmit to the US authorities information concerning 4,450 American clients of UBS suspected of tax evasion.

In 2011, banks represented 59.4% of the total value added of the Swiss financial sector, totalling CHF 35.0 billion representing 6.2% of the country's GDP.UBS and Credit Suisse, the two largest banks in Switzerland, were ranked globally at #19 and #25 among banks, with assets of approximately US$1.375 trillion and US$1.090 trillion, respectively.

As of 11 October 2008, the banking industry in Switzerland has an average leverage ratio (assets/net worth) of 29 to 1, while the industry's short-term liabilities are equal to 260 percent of the Swiss GDP or 1,273 percent of the Swiss national debt.

Secrecy

Secrecy (also called clandestinity or furtiveness) is the practice of hiding information from certain individuals or groups who do not have the "need to know", perhaps while sharing it with other individuals. That which is kept hidden is known as the secret.

Secrecy is often controversial, depending on the content or nature of the secret, the group or people keeping the secret, and the motivation for secrecy. Secrecy by government entities is often decried as excessive or in promotion of poor operation; excessive revelation of information on individuals can conflict with virtues of privacy and confidentiality. It is often contrasted with social transparency.

Secrecy in sociology and zoology

Animals conceal the location of their den or nest from predators. Squirrels bury nuts, hiding them, and they try to remember their locations later.

Humans attempt to consciously conceal aspects of themselves from others due to shame, or from fear of violence, rejection, harassment, loss of acceptance, or loss of employment. Humans may also attempt to conceal aspects of their own self which they are not capable of incorporating psychologically into their conscious being. Families sometimes maintain "family secrets", obliging family members never to discuss disagreeable issues concerning the family with outsiders or sometimes even within the family. Many "family secrets" are maintained by using a mutually agreed-upon construct (an official family story) when speaking with outside members. Agreement to maintain the secret is often coerced through "shaming" and reference to family honor. The information may even be something as trivial as a recipe.

Switzerland

Switzerland (/ˈswɪtsərlənd/), officially the Swiss Confederation (Latin:Confoederatio Helvetica, hence its abbreviation CH), is a country in Europe. While still named the "Swiss Confederation" for historical reasons, modern Switzerland is a federaldirectorial republic consisting of 26cantons, with Bern as the seat of the federal authorities, called Bundesstadt ("federal city"). The country is situated in Western and Central Europe, and is bordered by Italy to the south, France to the west, Germany to the north, and Austria and Liechtenstein to the east. Switzerland is a landlocked country geographically divided between the Alps, the Swiss Plateau and the Jura, spanning an area of 41,285km2 (15,940sqmi). While the Alps occupy the greater part of the territory, the Swiss population of approximately 8 million people is concentrated mostly on the Plateau, where the largest cities are to be found: among them are the two global and economic centres, Zürich and Geneva.

What isBANK SECRECY? What does BANK SECRECY mean? BANK SECRECY meaning - BANK SECRECY definition - BANK SECRECY explanation.
Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license.
Bank secrecy (or bank privacy) is a legal requirement in some jurisdictions which prohibits banks providing to authorities personal and account information about their customers, except in certain conditions, such as if a criminal complaint has been filed. In some cases, additional privacy is provided to beneficial owners through the use of numbered bank accounts or in other ways. Bank secrecy is prevalent in certain countries such as Switzerland, Lebanon, Singapore and Luxembourg, as well as offshore banks and other tax havens under voluntary or statutory privacy provisions.
Numbered bank accounts were first created in Switzerland by the Swiss Banking Act of 1934, where the principle of bank secrecy continues to be considered one of the main aspects of private banking. Switzerland has also been accused by NGOs and governments of being one of the main instruments of the underground economy and organized crime, in particular following the class action suit against the Vatican Bank in the 1990s, the Clearstream scandal and the terrorist attacks of September 11, 2001. Former bank employees from banks in Switzerland (UBS, Julius Baer) and Liechtenstein (LGTGroup) have testified that their former institutions helped clients evade billions of dollars in taxes by routing money through offshore havens in the Caribbean and Switzerland. One of these, Rudolf M. Elmer, wrote, "It is a global problem...Offshore tax evasion is the biggest theft among societies and neighbor states in this world." The SwissParliament ratified on June 17, 2010 an agreement between the Swiss and the United States governments allowing UBS to transmit to the US authorities information concerning 4,450 American clients of UBS suspected of tax evasion.
Advances in financial cryptography (e.g. public-key cryptography) could make it possible to use anonymous electronic money and anonymous digital bearer certificates for financial privacy and anonymous Internet banking, given enabling institutions (e.g. issuers of such certificates and digital cash) and secure computer systems.

Alam Ba News: Ano ang ibig sabihin ng Bank Secrecy Law?

Can You Still Hide Money in Swiss Banks?

Subscribe! http://bitly.com/1iLOHml
Swiss banks have been scrutinized the last few years for alleged unscrupulous business conduct. So what unethical practices are they accused of?
Learn More:
Tax JusticeReport
http://www.taxjustice.net/cms/upload/pdf/TUIYC_2012_FINAL.pdfHSBC: CorporateRap Sheet
http://www.corp-research.org/HSBC
"Once a staid financial institution with a focus on Asia, HSBC has found itself caught up in recent years in scandals involving predatory lending, tax evasion and the role its lax internal controls have played in helping drug traffickers and organizations said to be linked to terrorist groups."
Swiss bank secrecy in toughest test since Nazi gold
http://www.reuters.com/article/2008/12/11/us-banking-secrecy-switzerland-idUSTRE4BA0CV20081211
"Nearly one-third of wealth kept abroad globally is in Swiss banks: the Swiss Bankers Association and consultants estimate this at $2.2 trillion, making the Alpine state the globe's biggest offshore center ahead of Britain and Luxembourg."
Watch More:
How Are US Companies Avoiding Billions in Taxes?
https://www.youtube.com/watch?v=-o-zPXB_F6Y
Subscribe to TestTube Daily!
http://bitly.com/1iLOHml
_________________________
TestTube's new daily show is committed to answering the smart, inquisitive questions we have about life, society, politics and anything else happening in the news. It's a place where curiosity rules and together we'll get a clearer understanding of this crazy world we live in.
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2:42

PH one of few countries with bank secrecy law

PH one of few countries with bank secrecy law

PH one of few countries with bank secrecy law

Several bank officials invoked the bank secrecy law on Tuesday's Senate inquiry on the $81-million money laundering scandal. The law, which was enacted in 1955, ensures the confidentiality of all bank deposits, except if there is a written consent from the depositor, if an account is linked to a graft and corruption case, and if it is related to litigation. - The World Tonight, ANC, March 16, 2016

10:41

Bank Secrecy Act

Bank Secrecy Act

Bank Secrecy Act

The BankSecrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.
This video is targeted to blind users.
Attribution:
Article text available under CC-BY-SACreative Commons image source in video

Changes to bank secrecy laws in Belgium are here, and their implications are very far-reaching. WorldFinance finds out more about how they are allowing inspectors greater access to bank accounts and what protection taxpayers can expect.
In an attempt to crack down on tax evasion Belgium has changed its bank secrecy laws to give inspectors greater access to bank accounts. World Finance speaks to Jonathan Chazkal of Association Afschrift about how the rules have changed and what guarantees taxpayers have under this increased scrutiny.
For a full transcript visit: http://www.worldfinance.com/wealth-management/association-afschrift-on-belgiums-new-bank-secrecy-laws
For more World Finance interviews go to http://www.worldfinance.com/videos/

After Decades of Pressure, Luxembourg Drops Bank Secrecy Rules

European Union finance ministers have reached a breakthrough agreement that will make it more difficult for tax cheats to hide their money. The new legislation, which had been blocked for years by countries with a reputation as tax havens, was approved last week after Luxembourg and Austria agreed to lift their vetoes. But as Mil Arcega reports, it doesn’t mean tax cheats have run out of places to keep their money hidden.
Originally published at - http://www.voanews.com/media/video/luxembourg-drops-bank-secrecy-rules/2490428.html

Asset protection and Swiss bank secrecy

Investment products are more and more complex and sophisticated. The banking language is using a terminology nobody understands, sometimes including the banker. Therefore, banking products and terminology have to be explained to the customers.

1:35

Bank Secrecy Laws

Bank Secrecy Laws

Bank Secrecy Laws

-- Created using PowToon -- Freesign up at http://www.powtoon.com/youtube/ -- Create animated videos and animated presentations for free. PowToon is a free tool that allows you to develop cool animated clips and animated presentations for your website, office meeting, sales pitch, nonprofit fundraiser, product launch, video resume, or anything else you could use an animated explainer video. PowToon's animation templates help you create animated presentations and animated explainer videos from scratch. Anyone can produce awesome animations quickly with PowToon, without the cost or hassle other professional animation services require.

Top 10 Offshore Tax Havens You Can Still Stash Your Cash

Get more Tips here! www.destinationtips.com
Heads of state, former heads of state, heads of government, former heads of government, relatives and associates of government officials (as well as a fair share of celebrities) have all been exposed for hiding money in offshore accounts.
Here is a list of the top 10 Biggest Tax Havens in the World.
(Ranking is based on a combination of its secrecy score and scale weighting)
#10 United Arab Emirates
One of the world’s best known tax havens or secrecy jurisdictions.It has a low-tax environment and a complex array of free trade zones with multiple secrecy facilities and lax enforcement.
A large slice of the inbound money comes in the form gold.
SecrecyScore: 77%
Tax HavenStatus: Tiny
#9 Bahrain
An island of hospitality to banks and businesses and also one of the biggest global centers for Islamic finance. There is no corporate income tax, personal income tax or capital gains tax. Bahrain also has a wide network of tax treaties with a number of developing countries.
Secrecy Score: 74%
Tax Haven Status: Small
#8 Germany
Between $2.81 to $3.38 trillion of tax exempt interest-bearing assets held by non-residents as of August 2013. Germany does not sufficiently exchange tax-related information with a multitude of other jurisdictions and despite recent progress with its anti-money laundering framework, major loopholes and many implementation deficits still exist
Secrecy Score: 56%
Tax Haven Status: Huge but Shifty
#7 Lebanon
Many members of the population are high-net worth individuals. Beirut’s offshore financial services sector has been growing at an average of nearly 12 percent per year since 2006. Lebanon’s political and military troubles over recent decades have disrupted the offshore financial sector, but it has proved astonishingly resilient.
Secrecy Score: 79%
Tax Haven Status: Small and Secure
#6 Luxembourg
The most important private banking and wealth management center in the Eurozone.
It has 143 banks holding almost $800 billion in assets, over $300 billion of which are in the secretive private banking sector and is a center of lax financial regulation and is still one of the world’s most important financial centers.
Breaking professional secrecy can result in a prison sentence
Secrecy Score: 55%
Tax Haven Status: Huge
#5 The Cayman Islands
Banking assets worth $1.4 trillion in June 2014.
Hoststing over 11,000 mutual and other funds with a net asset value of $2.1 trillion.
It has 200 banks, over 140 trust companies and over 95,000 registered companies and retains many secrecy features plus laws that can put people in jail not only for exposing confidential information, but merely for asking for it.
Secrecy Score: 65%
Tax Haven Status: Aggressively Protective
#4 SingaporeA major wealth management center, with $1.4 trillion in assets under management in 2013.
In 2014 it become Asia’s largest foreign exchange trading center.
It hosts a lack of serious reforms to its corporate secrecy regime and a lack of interest in creating public registries of beneficial ownership.
Secrecy Score: 69%
Tax Haven Status: Intentionally Blind?
#3 USAThe U.S. has led the charge in combating international tax evasion using offshore financial accounts. However, the U.S. also provides a multitude of secrecy and tax-free facilities for non U.S. residents
It's one of the few places left where advisers are actively promoting accounts that will remain secret from overseas authorities.
Secrecy Score: 60%
Tax Haven Status: Ironic
#2 Hong Kong
Hong Kong has the second largest stock exchange in Asia after Tokyo with $2.1 trillion under management in April 2015 and over $350 billion in private banking assets.
China’s control over Hong Kong has shielded it from global transparency initiatives.
It also has not signed the multilateral agreement to initiate automatic information exchange via the CRS.
Secrecy Score: 72%
Tax Haven Status: See-No-Evil
#1 Switzerland
Switzerland is the grandfather of the world’s tax havens, known to have introduced Banking Secrecy Laws as far back as 1934
However, in 2010, the US enacted the Foreign Account Tax Compliance Act and the Swiss government was ultimately forced to bow to US pressure
In 2013, the US government signed a tax treaty that calls for Swiss banks to provide details on their American account holders
Secrecy Score: 73%
Tax Haven Status: BOSS

The Banking Law of 1934 made it a criminal act for a Swiss bank to reveal the name of an account holder. Swiss bank secrecy protects the privacy of bank clients; the protections afforded under Swiss law are similar to confidentiality protections between doctors and patients or lawyers and their clients.
Here are five interesting and lesser known facts about the Swiss bank !!!!
Watch this video to know more about The truth about Swiss bank accounts.
Please subscribe our channel for more videos !! THANK YOU
https://www.youtube.com/channel/UCmeVA7qy9XsyyDc2UmDrSQw

43:57

BSA and OFAC Basics

BSA and OFAC Basics

BSA and OFAC Basics

The material in this presentation is not intended, nor should it be construed or relied upon, as legal advice. Please consult with an attorney if specific legal information is needed.The opinions expressed in this video are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.
This webinar provides an overview of the Bank Secrecy Act and Office of Foreign Asset Control regulations and outlines the pillars of a strong BSA and OFAC program. This webinar could be used to train a financial institution's management, board of directors, or staff.

1:44

New BSP governor seeks amendments on the anti-money laundering and bank secrecy laws

New BSP governor seeks amendments on the anti-money laundering and bank secrecy laws

New BSP governor seeks amendments on the anti-money laundering and bank secrecy laws

The newly-installed Governor of the Bangko Sentral ng Pilipinas wants to push for amendments in some of the provisions of the anti-money laundering and bank secrecy laws.
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3:53

BSP in favor of amending the bank secrecy laws

BSP in favor of amending the bank secrecy laws

BSP in favor of amending the bank secrecy laws

MANILA, Philippines - In the wake of the money-laundering scandal involving $81 million from the BangladeshCentral Bank, the Bangko Sentral ng Pilipinas declared that it is amenable to the lifting of the bank secrecy law. On the other hand, Bureau of Internal Revenue chief Kim Henares said that there should be transparency of bank accounts to the government for monitoring purposes.
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0:57

Luxembourg plans to ease banking secrecy laws

Luxembourg plans to ease banking secrecy laws

Luxembourg plans to ease banking secrecy laws

http://www.euronews.com/ Luxembourg has said it will water down its banking secrecy laws after pressure from its EU partners.
It comes amid a Europe-wide effort to crack down on tax evasion as governments across the continent try to balance their books.
Jean-Claude Juncker, the country's prime minister, told MPs that the time had come for a change.
"If the government changed its position on this issue, it is not under European pressure. Nevertheless, pressure did exist, as 25 of the 27 Member States are in favour of an automatic exchange of information," he said.
Banking secrecy helped Luxembourg establish itself as a key financial centre.
The industry is about 22 times the size of the country's economy.
The changes come into effect from January 1, 2015 and will apply only to EU citizens.
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What isBANK SECRECY? What does BANK SECRECY mean? BANK SECRECY meaning - BANK SECRECY definition - BANK SECRECY explanation.
Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license.
Bank secrecy (or bank privacy) is a legal requirement in some jurisdictions which prohibits banks providing to authorities personal and account information about their customers, except in certain conditions, such as if a criminal complaint has been filed. In some cases, additional privacy is provided to beneficial owners through the use of numbered bank accounts or in other ways. Bank secrecy is prevalent in certain countries such as Switzerland, Lebanon, Singapore and Luxembourg, as well as offshore banks and other tax havens under voluntary or statutory privacy...

Alam Ba News: Ano ang ibig sabihin ng Bank Secrecy Law?

Can You Still Hide Money in Swiss Banks?

Subscribe! http://bitly.com/1iLOHml
Swiss banks have been scrutinized the last few years for alleged unscrupulous business conduct. So what unethical practices are they accused of?
Learn More:
Tax JusticeReport
http://www.taxjustice.net/cms/upload/pdf/TUIYC_2012_FINAL.pdfHSBC: CorporateRap Sheet
http://www.corp-research.org/HSBC
"Once a staid financial institution with a focus on Asia, HSBC has found itself caught up in recent years in scandals involving predatory lending, tax evasion and the role its lax internal controls have played in helping drug traffickers and organizations said to be linked to terrorist groups."
Swiss bank secrecy in toughest test since Nazi gold
http://www.reuters.com/article/2008/12/11/us-banking-secrecy-switzerland-idUSTRE4BA0CV20081211
"N...

published: 18 Feb 2015

PH one of few countries with bank secrecy law

Several bank officials invoked the bank secrecy law on Tuesday's Senate inquiry on the $81-million money laundering scandal. The law, which was enacted in 1955, ensures the confidentiality of all bank deposits, except if there is a written consent from the depositor, if an account is linked to a graft and corruption case, and if it is related to litigation. - The World Tonight, ANC, March 16, 2016

published: 16 Mar 2016

Bank Secrecy Act

The BankSecrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.
This video is targeted to blind users.
Attribution:
Article text available under CC-BY-SACreative Commons image source in video

Changes to bank secrecy laws in Belgium are here, and their implications are very far-reaching. WorldFinance finds out more about how they are allowing inspectors greater access to bank accounts and what protection taxpayers can expect.
In an attempt to crack down on tax evasion Belgium has changed its bank secrecy laws to give inspectors greater access to bank accounts. World Finance speaks to Jonathan Chazkal of Association Afschrift about how the rules have changed and what guarantees taxpayers have under this increased scrutiny.
For a full transcript visit: http://www.worldfinance.com/wealth-management/association-afschrift-on-belgiums-new-bank-secrecy-laws
For more World Finance interviews go to http://www.worldfinance.com/videos/

After Decades of Pressure, Luxembourg Drops Bank Secrecy Rules

European Union finance ministers have reached a breakthrough agreement that will make it more difficult for tax cheats to hide their money. The new legislation, which had been blocked for years by countries with a reputation as tax havens, was approved last week after Luxembourg and Austria agreed to lift their vetoes. But as Mil Arcega reports, it doesn’t mean tax cheats have run out of places to keep their money hidden.
Originally published at - http://www.voanews.com/media/video/luxembourg-drops-bank-secrecy-rules/2490428.html

How bank secrecy law helps tax evaders

Asset protection and Swiss bank secrecy

Investment products are more and more complex and sophisticated. The banking language is using a terminology nobody understands, sometimes including the banker. Therefore, banking products and terminology have to be explained to the customers.

published: 01 Sep 2014

Bank Secrecy Laws

-- Created using PowToon -- Freesign up at http://www.powtoon.com/youtube/ -- Create animated videos and animated presentations for free. PowToon is a free tool that allows you to develop cool animated clips and animated presentations for your website, office meeting, sales pitch, nonprofit fundraiser, product launch, video resume, or anything else you could use an animated explainer video. PowToon's animation templates help you create animated presentations and animated explainer videos from scratch. Anyone can produce awesome animations quickly with PowToon, without the cost or hassle other professional animation services require.

Top 10 Offshore Tax Havens You Can Still Stash Your Cash

Get more Tips here! www.destinationtips.com
Heads of state, former heads of state, heads of government, former heads of government, relatives and associates of government officials (as well as a fair share of celebrities) have all been exposed for hiding money in offshore accounts.
Here is a list of the top 10 Biggest Tax Havens in the World.
(Ranking is based on a combination of its secrecy score and scale weighting)
#10 United Arab Emirates
One of the world’s best known tax havens or secrecy jurisdictions.It has a low-tax environment and a complex array of free trade zones with multiple secrecy facilities and lax enforcement.
A large slice of the inbound money comes in the form gold.
SecrecyScore: 77%
Tax HavenStatus: Tiny
#9 Bahrain
An island of hospitality to banks and businesse...

The Banking Law of 1934 made it a criminal act for a Swiss bank to reveal the name of an account holder. Swiss bank secrecy protects the privacy of bank clients; the protections afforded under Swiss law are similar to confidentiality protections between doctors and patients or lawyers and their clients.
Here are five interesting and lesser known facts about the Swiss bank !!!!
Watch this video to know more about The truth about Swiss bank accounts.
Please subscribe our channel for more videos !! THANK YOU
https://www.youtube.com/channel/UCmeVA7qy9XsyyDc2UmDrSQw

published: 27 Nov 2016

BSA and OFAC Basics

The material in this presentation is not intended, nor should it be construed or relied upon, as legal advice. Please consult with an attorney if specific legal information is needed.The opinions expressed in this video are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.
This webinar provides an overview of the Bank Secrecy Act and Office of Foreign Asset Control regulations and outlines the pillars of a strong BSA and OFAC program. This webinar could be used to train a financial institution's management, board of directors, or staff.

published: 27 Apr 2015

New BSP governor seeks amendments on the anti-money laundering and bank secrecy laws

The newly-installed Governor of the Bangko Sentral ng Pilipinas wants to push for amendments in some of the provisions of the anti-money laundering and bank secrecy laws.
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published: 03 Jul 2017

BSP in favor of amending the bank secrecy laws

MANILA, Philippines - In the wake of the money-laundering scandal involving $81 million from the BangladeshCentral Bank, the Bangko Sentral ng Pilipinas declared that it is amenable to the lifting of the bank secrecy law. On the other hand, Bureau of Internal Revenue chief Kim Henares said that there should be transparency of bank accounts to the government for monitoring purposes.
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published: 18 Mar 2016

Luxembourg plans to ease banking secrecy laws

http://www.euronews.com/ Luxembourg has said it will water down its banking secrecy laws after pressure from its EU partners.
It comes amid a Europe-wide effort to crack down on tax evasion as governments across the continent try to balance their books.
Jean-Claude Juncker, the country's prime minister, told MPs that the time had come for a change.
"If the government changed its position on this issue, it is not under European pressure. Nevertheless, pressure did exist, as 25 of the 27 Member States are in favour of an automatic exchange of information," he said.
Banking secrecy helped Luxembourg establish itself as a key financial centre.
The industry is about 22 times the size of the country's economy.
The changes come into effect from January 1, 2015 and will apply only to EU cit...

What isBANK SECRECY? What does BANK SECRECY mean? BANK SECRECY meaning - BANK SECRECY definition - BANK SECRECY explanation.
Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license.
Bank secrecy (or bank privacy) is a legal requirement in some jurisdictions which prohibits banks providing to authorities personal and account information about their customers, except in certain conditions, such as if a criminal complaint has been filed. In some cases, additional privacy is provided to beneficial owners through the use of numbered bank accounts or in other ways. Bank secrecy is prevalent in certain countries such as Switzerland, Lebanon, Singapore and Luxembourg, as well as offshore banks and other tax havens under voluntary or statutory privacy provisions.
Numbered bank accounts were first created in Switzerland by the Swiss Banking Act of 1934, where the principle of bank secrecy continues to be considered one of the main aspects of private banking. Switzerland has also been accused by NGOs and governments of being one of the main instruments of the underground economy and organized crime, in particular following the class action suit against the Vatican Bank in the 1990s, the Clearstream scandal and the terrorist attacks of September 11, 2001. Former bank employees from banks in Switzerland (UBS, Julius Baer) and Liechtenstein (LGTGroup) have testified that their former institutions helped clients evade billions of dollars in taxes by routing money through offshore havens in the Caribbean and Switzerland. One of these, Rudolf M. Elmer, wrote, "It is a global problem...Offshore tax evasion is the biggest theft among societies and neighbor states in this world." The SwissParliament ratified on June 17, 2010 an agreement between the Swiss and the United States governments allowing UBS to transmit to the US authorities information concerning 4,450 American clients of UBS suspected of tax evasion.
Advances in financial cryptography (e.g. public-key cryptography) could make it possible to use anonymous electronic money and anonymous digital bearer certificates for financial privacy and anonymous Internet banking, given enabling institutions (e.g. issuers of such certificates and digital cash) and secure computer systems.

What isBANK SECRECY? What does BANK SECRECY mean? BANK SECRECY meaning - BANK SECRECY definition - BANK SECRECY explanation.
Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license.
Bank secrecy (or bank privacy) is a legal requirement in some jurisdictions which prohibits banks providing to authorities personal and account information about their customers, except in certain conditions, such as if a criminal complaint has been filed. In some cases, additional privacy is provided to beneficial owners through the use of numbered bank accounts or in other ways. Bank secrecy is prevalent in certain countries such as Switzerland, Lebanon, Singapore and Luxembourg, as well as offshore banks and other tax havens under voluntary or statutory privacy provisions.
Numbered bank accounts were first created in Switzerland by the Swiss Banking Act of 1934, where the principle of bank secrecy continues to be considered one of the main aspects of private banking. Switzerland has also been accused by NGOs and governments of being one of the main instruments of the underground economy and organized crime, in particular following the class action suit against the Vatican Bank in the 1990s, the Clearstream scandal and the terrorist attacks of September 11, 2001. Former bank employees from banks in Switzerland (UBS, Julius Baer) and Liechtenstein (LGTGroup) have testified that their former institutions helped clients evade billions of dollars in taxes by routing money through offshore havens in the Caribbean and Switzerland. One of these, Rudolf M. Elmer, wrote, "It is a global problem...Offshore tax evasion is the biggest theft among societies and neighbor states in this world." The SwissParliament ratified on June 17, 2010 an agreement between the Swiss and the United States governments allowing UBS to transmit to the US authorities information concerning 4,450 American clients of UBS suspected of tax evasion.
Advances in financial cryptography (e.g. public-key cryptography) could make it possible to use anonymous electronic money and anonymous digital bearer certificates for financial privacy and anonymous Internet banking, given enabling institutions (e.g. issuers of such certificates and digital cash) and secure computer systems.

Can You Still Hide Money in Swiss Banks?

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Swiss banks have been scrutinized the last few years for alleged unscrupulous business conduct. So what unethical practic...

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Swiss banks have been scrutinized the last few years for alleged unscrupulous business conduct. So what unethical practices are they accused of?
Learn More:
Tax JusticeReport
http://www.taxjustice.net/cms/upload/pdf/TUIYC_2012_FINAL.pdfHSBC: CorporateRap Sheet
http://www.corp-research.org/HSBC
"Once a staid financial institution with a focus on Asia, HSBC has found itself caught up in recent years in scandals involving predatory lending, tax evasion and the role its lax internal controls have played in helping drug traffickers and organizations said to be linked to terrorist groups."
Swiss bank secrecy in toughest test since Nazi gold
http://www.reuters.com/article/2008/12/11/us-banking-secrecy-switzerland-idUSTRE4BA0CV20081211
"Nearly one-third of wealth kept abroad globally is in Swiss banks: the Swiss Bankers Association and consultants estimate this at $2.2 trillion, making the Alpine state the globe's biggest offshore center ahead of Britain and Luxembourg."
Watch More:
How Are US Companies Avoiding Billions in Taxes?
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Subscribe! http://bitly.com/1iLOHml
Swiss banks have been scrutinized the last few years for alleged unscrupulous business conduct. So what unethical practices are they accused of?
Learn More:
Tax JusticeReport
http://www.taxjustice.net/cms/upload/pdf/TUIYC_2012_FINAL.pdfHSBC: CorporateRap Sheet
http://www.corp-research.org/HSBC
"Once a staid financial institution with a focus on Asia, HSBC has found itself caught up in recent years in scandals involving predatory lending, tax evasion and the role its lax internal controls have played in helping drug traffickers and organizations said to be linked to terrorist groups."
Swiss bank secrecy in toughest test since Nazi gold
http://www.reuters.com/article/2008/12/11/us-banking-secrecy-switzerland-idUSTRE4BA0CV20081211
"Nearly one-third of wealth kept abroad globally is in Swiss banks: the Swiss Bankers Association and consultants estimate this at $2.2 trillion, making the Alpine state the globe's biggest offshore center ahead of Britain and Luxembourg."
Watch More:
How Are US Companies Avoiding Billions in Taxes?
https://www.youtube.com/watch?v=-o-zPXB_F6Y
Subscribe to TestTube Daily!
http://bitly.com/1iLOHml
_________________________
TestTube's new daily show is committed to answering the smart, inquisitive questions we have about life, society, politics and anything else happening in the news. It's a place where curiosity rules and together we'll get a clearer understanding of this crazy world we live in.
Watch more TestTube: http://testtube.com/testtubedailyshow/
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Check Lissette out on Twitter:https://twitter.com/lizzette

PH one of few countries with bank secrecy law

Several bank officials invoked the bank secrecy law on Tuesday's Senate inquiry on the $81-million money laundering scandal. The law, which was enacted in 1955,...

Several bank officials invoked the bank secrecy law on Tuesday's Senate inquiry on the $81-million money laundering scandal. The law, which was enacted in 1955, ensures the confidentiality of all bank deposits, except if there is a written consent from the depositor, if an account is linked to a graft and corruption case, and if it is related to litigation. - The World Tonight, ANC, March 16, 2016

Several bank officials invoked the bank secrecy law on Tuesday's Senate inquiry on the $81-million money laundering scandal. The law, which was enacted in 1955, ensures the confidentiality of all bank deposits, except if there is a written consent from the depositor, if an account is linked to a graft and corruption case, and if it is related to litigation. - The World Tonight, ANC, March 16, 2016

The BankSecrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.
This video is targeted to blind users.
Attribution:
Article text available under CC-BY-SACreative Commons image source in video

The BankSecrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.
This video is targeted to blind users.
Attribution:
Article text available under CC-BY-SACreative Commons image source in video

Changes to bank secrecy laws in Belgium are here, and their implications are very far-reaching. WorldFinance finds out more about how they are allowing inspect...

Changes to bank secrecy laws in Belgium are here, and their implications are very far-reaching. WorldFinance finds out more about how they are allowing inspectors greater access to bank accounts and what protection taxpayers can expect.
In an attempt to crack down on tax evasion Belgium has changed its bank secrecy laws to give inspectors greater access to bank accounts. World Finance speaks to Jonathan Chazkal of Association Afschrift about how the rules have changed and what guarantees taxpayers have under this increased scrutiny.
For a full transcript visit: http://www.worldfinance.com/wealth-management/association-afschrift-on-belgiums-new-bank-secrecy-laws
For more World Finance interviews go to http://www.worldfinance.com/videos/

Changes to bank secrecy laws in Belgium are here, and their implications are very far-reaching. WorldFinance finds out more about how they are allowing inspectors greater access to bank accounts and what protection taxpayers can expect.
In an attempt to crack down on tax evasion Belgium has changed its bank secrecy laws to give inspectors greater access to bank accounts. World Finance speaks to Jonathan Chazkal of Association Afschrift about how the rules have changed and what guarantees taxpayers have under this increased scrutiny.
For a full transcript visit: http://www.worldfinance.com/wealth-management/association-afschrift-on-belgiums-new-bank-secrecy-laws
For more World Finance interviews go to http://www.worldfinance.com/videos/

After Decades of Pressure, Luxembourg Drops Bank Secrecy Rules

European Union finance ministers have reached a breakthrough agreement that will make it more difficult for tax cheats to hide their money. The new legislation...

European Union finance ministers have reached a breakthrough agreement that will make it more difficult for tax cheats to hide their money. The new legislation, which had been blocked for years by countries with a reputation as tax havens, was approved last week after Luxembourg and Austria agreed to lift their vetoes. But as Mil Arcega reports, it doesn’t mean tax cheats have run out of places to keep their money hidden.
Originally published at - http://www.voanews.com/media/video/luxembourg-drops-bank-secrecy-rules/2490428.html

European Union finance ministers have reached a breakthrough agreement that will make it more difficult for tax cheats to hide their money. The new legislation, which had been blocked for years by countries with a reputation as tax havens, was approved last week after Luxembourg and Austria agreed to lift their vetoes. But as Mil Arcega reports, it doesn’t mean tax cheats have run out of places to keep their money hidden.
Originally published at - http://www.voanews.com/media/video/luxembourg-drops-bank-secrecy-rules/2490428.html

Asset protection and Swiss bank secrecy

Investment products are more and more complex and sophisticated. The banking language is using a terminology nobody understands, sometimes including the banker....

Investment products are more and more complex and sophisticated. The banking language is using a terminology nobody understands, sometimes including the banker. Therefore, banking products and terminology have to be explained to the customers.

Investment products are more and more complex and sophisticated. The banking language is using a terminology nobody understands, sometimes including the banker. Therefore, banking products and terminology have to be explained to the customers.

Bank Secrecy Laws

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-- Created using PowToon -- Freesign up at http://www.powtoon.com/youtube/ -- Create animated videos and animated presentations for free. PowToon is a free tool that allows you to develop cool animated clips and animated presentations for your website, office meeting, sales pitch, nonprofit fundraiser, product launch, video resume, or anything else you could use an animated explainer video. PowToon's animation templates help you create animated presentations and animated explainer videos from scratch. Anyone can produce awesome animations quickly with PowToon, without the cost or hassle other professional animation services require.

-- Created using PowToon -- Freesign up at http://www.powtoon.com/youtube/ -- Create animated videos and animated presentations for free. PowToon is a free tool that allows you to develop cool animated clips and animated presentations for your website, office meeting, sales pitch, nonprofit fundraiser, product launch, video resume, or anything else you could use an animated explainer video. PowToon's animation templates help you create animated presentations and animated explainer videos from scratch. Anyone can produce awesome animations quickly with PowToon, without the cost or hassle other professional animation services require.

Top 10 Offshore Tax Havens You Can Still Stash Your Cash

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Heads of state, former heads of state, heads of government, former heads of government, relatives and associates o...

Get more Tips here! www.destinationtips.com
Heads of state, former heads of state, heads of government, former heads of government, relatives and associates of government officials (as well as a fair share of celebrities) have all been exposed for hiding money in offshore accounts.
Here is a list of the top 10 Biggest Tax Havens in the World.
(Ranking is based on a combination of its secrecy score and scale weighting)
#10 United Arab Emirates
One of the world’s best known tax havens or secrecy jurisdictions.It has a low-tax environment and a complex array of free trade zones with multiple secrecy facilities and lax enforcement.
A large slice of the inbound money comes in the form gold.
SecrecyScore: 77%
Tax HavenStatus: Tiny
#9 Bahrain
An island of hospitality to banks and businesses and also one of the biggest global centers for Islamic finance. There is no corporate income tax, personal income tax or capital gains tax. Bahrain also has a wide network of tax treaties with a number of developing countries.
Secrecy Score: 74%
Tax Haven Status: Small
#8 Germany
Between $2.81 to $3.38 trillion of tax exempt interest-bearing assets held by non-residents as of August 2013. Germany does not sufficiently exchange tax-related information with a multitude of other jurisdictions and despite recent progress with its anti-money laundering framework, major loopholes and many implementation deficits still exist
Secrecy Score: 56%
Tax Haven Status: Huge but Shifty
#7 Lebanon
Many members of the population are high-net worth individuals. Beirut’s offshore financial services sector has been growing at an average of nearly 12 percent per year since 2006. Lebanon’s political and military troubles over recent decades have disrupted the offshore financial sector, but it has proved astonishingly resilient.
Secrecy Score: 79%
Tax Haven Status: Small and Secure
#6 Luxembourg
The most important private banking and wealth management center in the Eurozone.
It has 143 banks holding almost $800 billion in assets, over $300 billion of which are in the secretive private banking sector and is a center of lax financial regulation and is still one of the world’s most important financial centers.
Breaking professional secrecy can result in a prison sentence
Secrecy Score: 55%
Tax Haven Status: Huge
#5 The Cayman Islands
Banking assets worth $1.4 trillion in June 2014.
Hoststing over 11,000 mutual and other funds with a net asset value of $2.1 trillion.
It has 200 banks, over 140 trust companies and over 95,000 registered companies and retains many secrecy features plus laws that can put people in jail not only for exposing confidential information, but merely for asking for it.
Secrecy Score: 65%
Tax Haven Status: Aggressively Protective
#4 SingaporeA major wealth management center, with $1.4 trillion in assets under management in 2013.
In 2014 it become Asia’s largest foreign exchange trading center.
It hosts a lack of serious reforms to its corporate secrecy regime and a lack of interest in creating public registries of beneficial ownership.
Secrecy Score: 69%
Tax Haven Status: Intentionally Blind?
#3 USAThe U.S. has led the charge in combating international tax evasion using offshore financial accounts. However, the U.S. also provides a multitude of secrecy and tax-free facilities for non U.S. residents
It's one of the few places left where advisers are actively promoting accounts that will remain secret from overseas authorities.
Secrecy Score: 60%
Tax Haven Status: Ironic
#2 Hong Kong
Hong Kong has the second largest stock exchange in Asia after Tokyo with $2.1 trillion under management in April 2015 and over $350 billion in private banking assets.
China’s control over Hong Kong has shielded it from global transparency initiatives.
It also has not signed the multilateral agreement to initiate automatic information exchange via the CRS.
Secrecy Score: 72%
Tax Haven Status: See-No-Evil
#1 Switzerland
Switzerland is the grandfather of the world’s tax havens, known to have introduced Banking Secrecy Laws as far back as 1934
However, in 2010, the US enacted the Foreign Account Tax Compliance Act and the Swiss government was ultimately forced to bow to US pressure
In 2013, the US government signed a tax treaty that calls for Swiss banks to provide details on their American account holders
Secrecy Score: 73%
Tax Haven Status: BOSS

Get more Tips here! www.destinationtips.com
Heads of state, former heads of state, heads of government, former heads of government, relatives and associates of government officials (as well as a fair share of celebrities) have all been exposed for hiding money in offshore accounts.
Here is a list of the top 10 Biggest Tax Havens in the World.
(Ranking is based on a combination of its secrecy score and scale weighting)
#10 United Arab Emirates
One of the world’s best known tax havens or secrecy jurisdictions.It has a low-tax environment and a complex array of free trade zones with multiple secrecy facilities and lax enforcement.
A large slice of the inbound money comes in the form gold.
SecrecyScore: 77%
Tax HavenStatus: Tiny
#9 Bahrain
An island of hospitality to banks and businesses and also one of the biggest global centers for Islamic finance. There is no corporate income tax, personal income tax or capital gains tax. Bahrain also has a wide network of tax treaties with a number of developing countries.
Secrecy Score: 74%
Tax Haven Status: Small
#8 Germany
Between $2.81 to $3.38 trillion of tax exempt interest-bearing assets held by non-residents as of August 2013. Germany does not sufficiently exchange tax-related information with a multitude of other jurisdictions and despite recent progress with its anti-money laundering framework, major loopholes and many implementation deficits still exist
Secrecy Score: 56%
Tax Haven Status: Huge but Shifty
#7 Lebanon
Many members of the population are high-net worth individuals. Beirut’s offshore financial services sector has been growing at an average of nearly 12 percent per year since 2006. Lebanon’s political and military troubles over recent decades have disrupted the offshore financial sector, but it has proved astonishingly resilient.
Secrecy Score: 79%
Tax Haven Status: Small and Secure
#6 Luxembourg
The most important private banking and wealth management center in the Eurozone.
It has 143 banks holding almost $800 billion in assets, over $300 billion of which are in the secretive private banking sector and is a center of lax financial regulation and is still one of the world’s most important financial centers.
Breaking professional secrecy can result in a prison sentence
Secrecy Score: 55%
Tax Haven Status: Huge
#5 The Cayman Islands
Banking assets worth $1.4 trillion in June 2014.
Hoststing over 11,000 mutual and other funds with a net asset value of $2.1 trillion.
It has 200 banks, over 140 trust companies and over 95,000 registered companies and retains many secrecy features plus laws that can put people in jail not only for exposing confidential information, but merely for asking for it.
Secrecy Score: 65%
Tax Haven Status: Aggressively Protective
#4 SingaporeA major wealth management center, with $1.4 trillion in assets under management in 2013.
In 2014 it become Asia’s largest foreign exchange trading center.
It hosts a lack of serious reforms to its corporate secrecy regime and a lack of interest in creating public registries of beneficial ownership.
Secrecy Score: 69%
Tax Haven Status: Intentionally Blind?
#3 USAThe U.S. has led the charge in combating international tax evasion using offshore financial accounts. However, the U.S. also provides a multitude of secrecy and tax-free facilities for non U.S. residents
It's one of the few places left where advisers are actively promoting accounts that will remain secret from overseas authorities.
Secrecy Score: 60%
Tax Haven Status: Ironic
#2 Hong Kong
Hong Kong has the second largest stock exchange in Asia after Tokyo with $2.1 trillion under management in April 2015 and over $350 billion in private banking assets.
China’s control over Hong Kong has shielded it from global transparency initiatives.
It also has not signed the multilateral agreement to initiate automatic information exchange via the CRS.
Secrecy Score: 72%
Tax Haven Status: See-No-Evil
#1 Switzerland
Switzerland is the grandfather of the world’s tax havens, known to have introduced Banking Secrecy Laws as far back as 1934
However, in 2010, the US enacted the Foreign Account Tax Compliance Act and the Swiss government was ultimately forced to bow to US pressure
In 2013, the US government signed a tax treaty that calls for Swiss banks to provide details on their American account holders
Secrecy Score: 73%
Tax Haven Status: BOSS

The Banking Law of 1934 made it a criminal act for a Swiss bank to reveal the name of an account holder. Swiss bank secrecy protects the privacy of bank clients...

The Banking Law of 1934 made it a criminal act for a Swiss bank to reveal the name of an account holder. Swiss bank secrecy protects the privacy of bank clients; the protections afforded under Swiss law are similar to confidentiality protections between doctors and patients or lawyers and their clients.
Here are five interesting and lesser known facts about the Swiss bank !!!!
Watch this video to know more about The truth about Swiss bank accounts.
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The Banking Law of 1934 made it a criminal act for a Swiss bank to reveal the name of an account holder. Swiss bank secrecy protects the privacy of bank clients; the protections afforded under Swiss law are similar to confidentiality protections between doctors and patients or lawyers and their clients.
Here are five interesting and lesser known facts about the Swiss bank !!!!
Watch this video to know more about The truth about Swiss bank accounts.
Please subscribe our channel for more videos !! THANK YOU
https://www.youtube.com/channel/UCmeVA7qy9XsyyDc2UmDrSQw

BSA and OFAC Basics

The material in this presentation is not intended, nor should it be construed or relied upon, as legal advice. Please consult with an attorney if specific legal...

The material in this presentation is not intended, nor should it be construed or relied upon, as legal advice. Please consult with an attorney if specific legal information is needed.The opinions expressed in this video are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.
This webinar provides an overview of the Bank Secrecy Act and Office of Foreign Asset Control regulations and outlines the pillars of a strong BSA and OFAC program. This webinar could be used to train a financial institution's management, board of directors, or staff.

The material in this presentation is not intended, nor should it be construed or relied upon, as legal advice. Please consult with an attorney if specific legal information is needed.The opinions expressed in this video are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.
This webinar provides an overview of the Bank Secrecy Act and Office of Foreign Asset Control regulations and outlines the pillars of a strong BSA and OFAC program. This webinar could be used to train a financial institution's management, board of directors, or staff.

The newly-installed Governor of the Bangko Sentral ng Pilipinas wants to push for amendments in some of the provisions of the anti-money laundering and bank secrecy laws.
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The newly-installed Governor of the Bangko Sentral ng Pilipinas wants to push for amendments in some of the provisions of the anti-money laundering and bank secrecy laws.
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For NewsUpdate, visit: http://www.untvweb.com/news/
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MANILA, Philippines - In the wake of the money-laundering scandal involving $81 million from the BangladeshCentral Bank, the Bangko Sentral ng Pilipinas declared that it is amenable to the lifting of the bank secrecy law. On the other hand, Bureau of Internal Revenue chief Kim Henares said that there should be transparency of bank accounts to the government for monitoring purposes.
Latest global reports, balanced, up-to-date. It brings to fore EBC's rich international scope.
Visit our website at: http://www.eaglenews.ph
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MANILA, Philippines - In the wake of the money-laundering scandal involving $81 million from the BangladeshCentral Bank, the Bangko Sentral ng Pilipinas declared that it is amenable to the lifting of the bank secrecy law. On the other hand, Bureau of Internal Revenue chief Kim Henares said that there should be transparency of bank accounts to the government for monitoring purposes.
Latest global reports, balanced, up-to-date. It brings to fore EBC's rich international scope.
Visit our website at: http://www.eaglenews.ph
Follow us on Twitter at: http://www.twitter.com/eaglenewsph
Like us on Facebook: http://www.facebook.com/EagleNewsPH

Luxembourg plans to ease banking secrecy laws

http://www.euronews.com/ Luxembourg has said it will water down its banking secrecy laws after pressure from its EU partners.
It comes amid a Europe-wide effor...

http://www.euronews.com/ Luxembourg has said it will water down its banking secrecy laws after pressure from its EU partners.
It comes amid a Europe-wide effort to crack down on tax evasion as governments across the continent try to balance their books.
Jean-Claude Juncker, the country's prime minister, told MPs that the time had come for a change.
"If the government changed its position on this issue, it is not under European pressure. Nevertheless, pressure did exist, as 25 of the 27 Member States are in favour of an automatic exchange of information," he said.
Banking secrecy helped Luxembourg establish itself as a key financial centre.
The industry is about 22 times the size of the country's economy.
The changes come into effect from January 1, 2015 and will apply only to EU citizens.
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Twitter http://twitter.com/euronews

http://www.euronews.com/ Luxembourg has said it will water down its banking secrecy laws after pressure from its EU partners.
It comes amid a Europe-wide effort to crack down on tax evasion as governments across the continent try to balance their books.
Jean-Claude Juncker, the country's prime minister, told MPs that the time had come for a change.
"If the government changed its position on this issue, it is not under European pressure. Nevertheless, pressure did exist, as 25 of the 27 Member States are in favour of an automatic exchange of information," he said.
Banking secrecy helped Luxembourg establish itself as a key financial centre.
The industry is about 22 times the size of the country's economy.
The changes come into effect from January 1, 2015 and will apply only to EU citizens.
Find us on:
Youtube http://bit.ly/zr3upY
Facebook http://www.facebook.com/euronews.fans
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Anti-Money Laundering Webinar: Meeting Regulatory Compliance in 2016

In this webinar, we discuss how banks can keep pace abiding by BSA/AML compliance and reporting rules. Speakers from Pneuron, Texas A&M University Law, and Reed Smith review recent litigation, sanctions and developments in Anti-Money Laundering, giving you understanding of how to combat current challenges to create an optimized program that is standardized and more accurate.

🇧🇩 Hacked: The Bangladesh Bank Heist | 101 East

It was a daring raid. Tens of millions of dollars stolen from Bangladesh's central bank via the Federal Reserve Bank of New York, transferred to accounts in the Philippines and then laundered through the Philippine casino system.
The money, and the thieves, then vanished. And it was all done online. In this comprehensive investigation spanning several countries, 101 East examines one of the biggest bank robberies in modern times, to find out how cyber-hackers infiltrated the global banking system, and got away with it.
The crime stunned the then-governor of Bangladesh Bank, Atiur Rahman. "It was like a terrorist attack, into the central bank," he says. "I couldn't believe it ... because nothing like that ... ever happened."
The robbery prompted investigations in the Philippines, Banglad...

Century of Enslavement: The History of The Federal Reserve

TRANSCRIPT AND RESOURCES: http://www.corbettreport.com/federalreserve
What is the Federal Reserve system? How did it come into existence? Is it part of the federal government? How does it create money? Why is the public kept in the dark about these important matters? In this feature-length documentary film, The Corbett Report explores these important question and pulls back the curtain on America's central bank.

published: 06 Jul 2014

Counting the Cost - Switzerland: A banking paradise lost

Subscribe to our channel http://bit.ly/AJSubscribe
The Swiss banking industry's secrets are out and new treaties mean it is no longer a haven for the world's tax cheats. We speak to Kaspar Villiger, the former president of Switzerland.
At Al Jazeera English, we focus on people and events that affect people's lives. We bring topics to light that often go under-reported, listening to all sides of the story and giving a 'voice to the voiceless.'
Reaching more than 270 million households in over 140 countries across the globe, our viewers trust Al Jazeera English to keep them informed, inspired, and entertained.
Our impartial, fact-based reporting wins worldwide praise and respect. It is our unique brand of journalism that the world has come to rely on.
We are reshaping global media and cons...

published: 20 Oct 2012

All the Plenary's Men [2017] - "The Definitive HSBC Scandal Documentary"

This incredibly well researched documentary by John Titus tells the real life tale illustrating how the financial systems of the world are nothing more than global criminal banking cartels immune to law. The story covers HSBC’s exoneration in December 2012 for laundering money for drug dealers and terrorists, and sadly this documentary didn’t get nearly the scrutiny it deserved. You see, prosecutors working on the HSBC case were actually going to indict the bank, but they got overruled, and HSBC and its team of criminals skated. The story of how exactly that reversal came about reveals, if not the King himself, then certainly many of the King’s top men. Make the coffee extra strong before viewing! Lots of ground gets covered, very quickly.
SUPPORT JOHNTITUS' OFFICIAL YOUTUBE CHANNEL: htt...

published: 11 Jul 2017

Corrupt Britain: The Land of Cover Ups, Whitewashes & Secrecy

This session will look at - and seek to explain - the British obsession with cover-ups and whitewashes, as evidenced in recent years by farcical and less-than-honest inquiries into matters such as phone-hacking, Hillsborough, and Jimmy Savile and a prevailing attitude of 'protect the establishment at all costs'.
It will also look at the hypocrisy of British politicians who claim to advocate transparency and integrity, particularly for offshore financial centres, while practicing secrecy and deceit.
Presented by: NICK KOCHAN, Journalist & Author (London)
Recorded on November 24, 2015 during The OffshoreAlert Conference in London at The GrangeSt. Paul'sHotel.
OffshoreAlert is an independent news website founded in 1997 by investigative reporter David Marchant and offers news, document...

published: 17 Dec 2015

How Is Money Laundering Detected? The CIA, Drugs, Trade & Finance in Panama Day 4 Part 2 (1988)

Formed in 1989 by the G7 countries, the FATF is an intergovernmental body whose purpose is to develop and promote an international response to combat money laundering. The FATF Secretariat is housed at the headquarters of the OECD in Paris. In October 2001, FATF expanded its mission to include combating the financing of terrorism. FATF is a policy-making body that brings together legal, financial, and law enforcement experts to achieve national legislation and regulatory AML and CFT reforms. Currently its membership consists of 34 countries and territories and two regional organizations. In addition, FATF works in collaboration with a number of international bodies and organizations. These entities have observer status with FATF, which does not entitle them to vote, but permits them full p...

Anti-Money-Laundering, Counterterrorism Financing and Financial Crime

Anti-Money-Laundering, Counterterrorism Financing and Financial Crime: The Critical Role of Financial Institutions and How It Affects You
Talk by Hue Dang ’92, Head of Asia for the Association of Certified Anti-Money-Laundering Specialists. Media coverage in the last several years of financial penalties against global banks such as BNP Paribas ($8.9 billion) or HSBC ($1.92 billion) for money-laundering and sanctions violations—to name just a few examples—highlights the increasing risks to banks as they conduct their normal business. We now live in an era of international money-laundering controls. The terrorist attacks of Sept. 11, 2001, revolutionized the anti-money-laundering (AML) field and brought into stark relief the threat of the movement and disguising of funds destined for the sup...

Bank regulation in the United States is highly fragmented compared with other G10 countries, where most countries have only one bank regulator. In theU.S., banking is regulated at both the federal and state level. Depending on the type of charter a banking organization has and on its organizational structure, it may be subject to numerous federal and state banking regulations. Unlike Japan and the United Kingdom (where regulatory authority over the banking, securities and insurance industries is combined into one single financial-service agency), the U.S. maintains separate securities, commodities, and insurance regulatory agencies—separate from the bank regulatory agencies—at the federal and state level.[1]
U.S. banking regulation addresses privacy, disclosure, fraud prevention, anti-mo...

published: 23 Apr 2015

Yves Smith and Dean Baker on Secrets in Trade

A US-led trade deal is currently being negotiated that could increase the price of prescription drugs, weaken financial regulations and even allow partner countries to challenge American laws. But few know its substance.
The pact, the Trans-Pacific Partnership (TPP), is deliberately shrouded in secrecy, a trade deal powerful people, including President Obama, don't want you to know about. Over 130 Members of Congress have asked the White House for more transparency about the negotiations and were essentially told to go fly a kite. While most of us are in the dark about the contents of the deal, which Obama aims to seal by year end, corporate lobbyists are in the know about what it contains.
And some vigilant independent watchdogs are tracking the negotiations with sources they trust, inc...

published: 01 Nov 2013

Fair Lending Regulations and Litigation: The Basics

Join us for an overview of fair lending issues arising out of the enforcement of the Fair Housing Act (FHA) and the EqualCredit and Opportunity Act (ECOA). We'll review recent trends in related litigation, plus best practices you can implement now within your ComplianceManagementSystem – including ways to get in front of the implementation of the revised HMDA rule. Regulatory exams and investigations continue to focus on possible fair lending violations, creating outsized regulatory, litigation and reputational risks for lenders. It is imperative that your institution have a thorough understanding of fair lending regulation as well as the associated risks in order to implement the necessary best practices and controls to limit your liability.

published: 23 Feb 2017

Monkeynomics 101: Asset Diversification

A video about the different asset classes, how they fit into a diversified portfolio, and a little bit regarding ways to use the concept of asset diversification to protect yourself in anticipation for an economic collapse.
Note: I'm not the biggest expert on commodities, as my background is more in securities. If I make any mistakes, let me know, and I'll add a correction in the description, or add an annotation to the video itself.
Also note that the US and EU are cracking down on bank secrecy, but the goal isn't to avoid taxes, but to keep the government from being able to seize your legal assets during a collapse.
Song: "Pachabelly" by Huma-Huma. Courtesy of the YouTube AudioLibrary.

published: 26 Apr 2015

Joseph Salerno: The War on Cash

Governments, at least modern western governments, have always hated cash transactions. Cash is private, and cash is hard to tax. So politicians trump up phony reasons like drug trafficking and money laundering to win support for bad laws like the Bank Secrecy Act of 1970, which makes even small cash transactions potentially reportable to the Feds.
Today cash is under attack like never before. Ultra low interest rates are the norm for commercial bank accounts. In Europe, as the ECB ventures into negative nominal interest rates, certain banks threaten to charge customers for depositing cash. Meanwhile, certain European bonds now pay negative yields, effectively turning them into insurance products rather than financial assets. And some economists now call for the outright abolition of cash...

Press Conference with Rudolf Elmer

17/01/2011 -
Rudolf Elmer, the man who blew the whistle on the conduct of Julius BaerBank in the Cayman Islands for which he is set to stand trial in Zurich on 19th January for breaching Swiss bank secrecy laws, will be addressing the press at the Frontline Club on Monday from 11.15am.
Accompanied by his lawyer Jack Blum, he will reveal more details of alleged abuses in the world of offshore financial centres. As he did back in 2007 he will pass the said documents and information to Wikileaks.
A representative from Wikileaks will be attending to accept this information.

Anti-Money Laundering Webinar: Meeting Regulatory Compliance in 2016

In this webinar, we discuss how banks can keep pace abiding by BSA/AML compliance and reporting rules. Speakers from Pneuron, Texas A&M University Law, and Reed...

In this webinar, we discuss how banks can keep pace abiding by BSA/AML compliance and reporting rules. Speakers from Pneuron, Texas A&M University Law, and Reed Smith review recent litigation, sanctions and developments in Anti-Money Laundering, giving you understanding of how to combat current challenges to create an optimized program that is standardized and more accurate.

In this webinar, we discuss how banks can keep pace abiding by BSA/AML compliance and reporting rules. Speakers from Pneuron, Texas A&M University Law, and Reed Smith review recent litigation, sanctions and developments in Anti-Money Laundering, giving you understanding of how to combat current challenges to create an optimized program that is standardized and more accurate.

It was a daring raid. Tens of millions of dollars stolen from Bangladesh's central bank via the Federal Reserve Bank of New York, transferred to accounts in the Philippines and then laundered through the Philippine casino system.
The money, and the thieves, then vanished. And it was all done online. In this comprehensive investigation spanning several countries, 101 East examines one of the biggest bank robberies in modern times, to find out how cyber-hackers infiltrated the global banking system, and got away with it.
The crime stunned the then-governor of Bangladesh Bank, Atiur Rahman. "It was like a terrorist attack, into the central bank," he says. "I couldn't believe it ... because nothing like that ... ever happened."
The robbery prompted investigations in the Philippines, Bangladesh and by the FBI. It revealed weaknesses in the supposedly secure global money transfer system known as SWIFT, which banks use to move billions of dollars daily between themselves.
The heist also exposed the murky banking system of the Philippines, where some of the world's toughest bank secrecy laws make the country vulnerable to potential corruption and money laundering. And it drew attention to the country's casinos, which are exempt from anti-money laundering laws, and not required to report suspicious transactions.
101 East exposes how cyber-hackers got away with one of the biggest bank thefts in history, robbing Bangladesh's central bank of more than $80m.
- Subscribe to our channel: http://aje.io/AJSubscribe
- Follow us on Twitter: https://twitter.com/AJEnglish
- Find us on Facebook: https://www.facebook.com/aljazeera
- Check our website: https://www.aljazeera.com/

It was a daring raid. Tens of millions of dollars stolen from Bangladesh's central bank via the Federal Reserve Bank of New York, transferred to accounts in the Philippines and then laundered through the Philippine casino system.
The money, and the thieves, then vanished. And it was all done online. In this comprehensive investigation spanning several countries, 101 East examines one of the biggest bank robberies in modern times, to find out how cyber-hackers infiltrated the global banking system, and got away with it.
The crime stunned the then-governor of Bangladesh Bank, Atiur Rahman. "It was like a terrorist attack, into the central bank," he says. "I couldn't believe it ... because nothing like that ... ever happened."
The robbery prompted investigations in the Philippines, Bangladesh and by the FBI. It revealed weaknesses in the supposedly secure global money transfer system known as SWIFT, which banks use to move billions of dollars daily between themselves.
The heist also exposed the murky banking system of the Philippines, where some of the world's toughest bank secrecy laws make the country vulnerable to potential corruption and money laundering. And it drew attention to the country's casinos, which are exempt from anti-money laundering laws, and not required to report suspicious transactions.
101 East exposes how cyber-hackers got away with one of the biggest bank thefts in history, robbing Bangladesh's central bank of more than $80m.
- Subscribe to our channel: http://aje.io/AJSubscribe
- Follow us on Twitter: https://twitter.com/AJEnglish
- Find us on Facebook: https://www.facebook.com/aljazeera
- Check our website: https://www.aljazeera.com/

TRANSCRIPT AND RESOURCES: http://www.corbettreport.com/federalreserve
What is the Federal Reserve system? How did it come into existence? Is it part of the federal government? How does it create money? Why is the public kept in the dark about these important matters? In this feature-length documentary film, The Corbett Report explores these important question and pulls back the curtain on America's central bank.

TRANSCRIPT AND RESOURCES: http://www.corbettreport.com/federalreserve
What is the Federal Reserve system? How did it come into existence? Is it part of the federal government? How does it create money? Why is the public kept in the dark about these important matters? In this feature-length documentary film, The Corbett Report explores these important question and pulls back the curtain on America's central bank.

Counting the Cost - Switzerland: A banking paradise lost

Subscribe to our channel http://bit.ly/AJSubscribe
The Swiss banking industry's secrets are out and new treaties mean it is no longer a haven for the world's t...

Subscribe to our channel http://bit.ly/AJSubscribe
The Swiss banking industry's secrets are out and new treaties mean it is no longer a haven for the world's tax cheats. We speak to Kaspar Villiger, the former president of Switzerland.
At Al Jazeera English, we focus on people and events that affect people's lives. We bring topics to light that often go under-reported, listening to all sides of the story and giving a 'voice to the voiceless.'
Reaching more than 270 million households in over 140 countries across the globe, our viewers trust Al Jazeera English to keep them informed, inspired, and entertained.
Our impartial, fact-based reporting wins worldwide praise and respect. It is our unique brand of journalism that the world has come to rely on.
We are reshaping global media and constantly working to strengthen our reputation as one of the world's most respected news and current affairs channels.
Social Media links:
Facebook: https://www.facebook.com/aljazeera
Instagram: https://instagram.com/aljazeera/?ref=...
Twitter: https://twitter.com/ajenglish
Website: http://www.aljazeera.com/
google+: https://plus.google.com/+aljazeera/posts

Subscribe to our channel http://bit.ly/AJSubscribe
The Swiss banking industry's secrets are out and new treaties mean it is no longer a haven for the world's tax cheats. We speak to Kaspar Villiger, the former president of Switzerland.
At Al Jazeera English, we focus on people and events that affect people's lives. We bring topics to light that often go under-reported, listening to all sides of the story and giving a 'voice to the voiceless.'
Reaching more than 270 million households in over 140 countries across the globe, our viewers trust Al Jazeera English to keep them informed, inspired, and entertained.
Our impartial, fact-based reporting wins worldwide praise and respect. It is our unique brand of journalism that the world has come to rely on.
We are reshaping global media and constantly working to strengthen our reputation as one of the world's most respected news and current affairs channels.
Social Media links:
Facebook: https://www.facebook.com/aljazeera
Instagram: https://instagram.com/aljazeera/?ref=...
Twitter: https://twitter.com/ajenglish
Website: http://www.aljazeera.com/
google+: https://plus.google.com/+aljazeera/posts

All the Plenary's Men [2017] - "The Definitive HSBC Scandal Documentary"

This incredibly well researched documentary by John Titus tells the real life tale illustrating how the financial systems of the world are nothing more than glo...

This incredibly well researched documentary by John Titus tells the real life tale illustrating how the financial systems of the world are nothing more than global criminal banking cartels immune to law. The story covers HSBC’s exoneration in December 2012 for laundering money for drug dealers and terrorists, and sadly this documentary didn’t get nearly the scrutiny it deserved. You see, prosecutors working on the HSBC case were actually going to indict the bank, but they got overruled, and HSBC and its team of criminals skated. The story of how exactly that reversal came about reveals, if not the King himself, then certainly many of the King’s top men. Make the coffee extra strong before viewing! Lots of ground gets covered, very quickly.
SUPPORT JOHNTITUS' OFFICIAL YOUTUBE CHANNEL: https://www.youtube.com/c/BestEvidence
This video was blocked worldwide due to the end credits song so I replaced with "Malicious" by dem bois @ http://incompetech.com
----- SUBS ENCOURAGE US! NO LAZY! -----
SUBSCRIBE: https://www.youtube.com/c/L33TGUY
WEB: https://anons.ca
TWITTER: https://www.twitter.com/l33tguy
╔═╦╗╔╦╗╔═╦═╦╦╦╦╗╔═╗
║╚╣║║║╚╣╚╣╔╣╔╣║╚╣═╣
╠╗║╚╝║║╠╗║╚╣║║║║║═╣
╚═╩══╩═╩═╩═╩╝╚╩═╩═╝

This incredibly well researched documentary by John Titus tells the real life tale illustrating how the financial systems of the world are nothing more than global criminal banking cartels immune to law. The story covers HSBC’s exoneration in December 2012 for laundering money for drug dealers and terrorists, and sadly this documentary didn’t get nearly the scrutiny it deserved. You see, prosecutors working on the HSBC case were actually going to indict the bank, but they got overruled, and HSBC and its team of criminals skated. The story of how exactly that reversal came about reveals, if not the King himself, then certainly many of the King’s top men. Make the coffee extra strong before viewing! Lots of ground gets covered, very quickly.
SUPPORT JOHNTITUS' OFFICIAL YOUTUBE CHANNEL: https://www.youtube.com/c/BestEvidence
This video was blocked worldwide due to the end credits song so I replaced with "Malicious" by dem bois @ http://incompetech.com
----- SUBS ENCOURAGE US! NO LAZY! -----
SUBSCRIBE: https://www.youtube.com/c/L33TGUY
WEB: https://anons.ca
TWITTER: https://www.twitter.com/l33tguy
╔═╦╗╔╦╗╔═╦═╦╦╦╦╗╔═╗
║╚╣║║║╚╣╚╣╔╣╔╣║╚╣═╣
╠╗║╚╝║║╠╗║╚╣║║║║║═╣
╚═╩══╩═╩═╩═╩╝╚╩═╩═╝

Corrupt Britain: The Land of Cover Ups, Whitewashes & Secrecy

This session will look at - and seek to explain - the British obsession with cover-ups and whitewashes, as evidenced in recent years by farcical and less-than-h...

This session will look at - and seek to explain - the British obsession with cover-ups and whitewashes, as evidenced in recent years by farcical and less-than-honest inquiries into matters such as phone-hacking, Hillsborough, and Jimmy Savile and a prevailing attitude of 'protect the establishment at all costs'.
It will also look at the hypocrisy of British politicians who claim to advocate transparency and integrity, particularly for offshore financial centres, while practicing secrecy and deceit.
Presented by: NICK KOCHAN, Journalist & Author (London)
Recorded on November 24, 2015 during The OffshoreAlert Conference in London at The GrangeSt. Paul'sHotel.
OffshoreAlert is an independent news website founded in 1997 by investigative reporter David Marchant and offers news, documents & intelligence about businesses and individuals operating in Offshore Financial Centers, with an emphasis on fraud investigations. OffshoreAlert also holds conferences in North America and Europe tailored for the offshore world. OffshoreAlert is generally considered to be a leading authority on OFCs and serious financial.
More information about The OffshoreAlert Conference can be found at http://offshorealert.com/events.aspxDownloadPresentation: http://www.offshorealert.com/uploadedFiles/Events/OffshoreAlert_Conferences/2015/London/Sessions/Nick%20Kochan%20on%20British%20scandals.pdf

This session will look at - and seek to explain - the British obsession with cover-ups and whitewashes, as evidenced in recent years by farcical and less-than-honest inquiries into matters such as phone-hacking, Hillsborough, and Jimmy Savile and a prevailing attitude of 'protect the establishment at all costs'.
It will also look at the hypocrisy of British politicians who claim to advocate transparency and integrity, particularly for offshore financial centres, while practicing secrecy and deceit.
Presented by: NICK KOCHAN, Journalist & Author (London)
Recorded on November 24, 2015 during The OffshoreAlert Conference in London at The GrangeSt. Paul'sHotel.
OffshoreAlert is an independent news website founded in 1997 by investigative reporter David Marchant and offers news, documents & intelligence about businesses and individuals operating in Offshore Financial Centers, with an emphasis on fraud investigations. OffshoreAlert also holds conferences in North America and Europe tailored for the offshore world. OffshoreAlert is generally considered to be a leading authority on OFCs and serious financial.
More information about The OffshoreAlert Conference can be found at http://offshorealert.com/events.aspxDownloadPresentation: http://www.offshorealert.com/uploadedFiles/Events/OffshoreAlert_Conferences/2015/London/Sessions/Nick%20Kochan%20on%20British%20scandals.pdf

How Is Money Laundering Detected? The CIA, Drugs, Trade & Finance in Panama Day 4 Part 2 (1988)

Formed in 1989 by the G7 countries, the FATF is an intergovernmental body whose purpose is to develop and promote an international response to combat money laun...

Formed in 1989 by the G7 countries, the FATF is an intergovernmental body whose purpose is to develop and promote an international response to combat money laundering. The FATF Secretariat is housed at the headquarters of the OECD in Paris. In October 2001, FATF expanded its mission to include combating the financing of terrorism. FATF is a policy-making body that brings together legal, financial, and law enforcement experts to achieve national legislation and regulatory AML and CFT reforms. Currently its membership consists of 34 countries and territories and two regional organizations. In addition, FATF works in collaboration with a number of international bodies and organizations. These entities have observer status with FATF, which does not entitle them to vote, but permits them full participation in plenary sessions and working groups.[28]
FATF has developed 40 recommendations on money laundering and 9 special recommendations regarding terrorist financing. FATF assesses each member country against these recommendations in published reports. Countries seen as not being sufficiently compliant with such recommendations are subjected to financial sanctions.
In an attempt to prevent dirty money from entering the US financial system in the first place, the United States Congress passed a series of laws, starting in 1970, collectively known as the Bank Secrecy Act. These laws, contained in sections 5311 through 5332 of Title 31 of the United States Code, require financial institutions, which under the current definition include a broad array of entities, including banks, credit card companies, life insurers, money service businesses and broker-dealers in securities, to report certain transactions to the United States Treasury. Cash transactions in excess of US$10,000 must be reported on a currency transaction report (CTR), identifying the individual making the transaction as well as the source of the cash. The US is one of the few countries in the world to require reporting of all cash transactions over a certain limit, although certain businesses can be exempt from the requirement. Additionally, financial institutions must report transaction on a Suspicious Activity Report (SAR) that they deem "suspicious", defined as a knowing or suspecting that the funds come from illegal activity or disguise funds from illegal activity, that it is structured to evade BSA requirements or appears to serve no known business or apparent lawful purpose; or that the institution is being used to facilitate criminal activity. Attempts by customers to circumvent the BSA, generally by structuring cash deposits to amounts lower than US$10,000 by breaking them up and depositing them on different days or at different locations also violates the law.[56]
The financial database created by these reports is administered by the U.S.'s Financial Intelligence Unit (FIU), called the Financial Crimes Enforcement Network (FinCEN), which is located in Vienna, Virginia. These reports are made available to US criminal investigators, as well as other FIU's around the globe, and FinCEN conducts computer assisted analyses of these reports to determine trends and refer investigations.[57]
The BSA requires financial institutions to engage in customer due diligence, which is sometimes known in the parlance as "know your customer". This includes obtaining satisfactory identification to give assurance that the account is in the customer's true name, and having an understanding of the expected nature and source of the money that flows through the customer's accounts. Other classes of customers, such as those with private banking accounts and those of foreign government officials, are subjected to enhanced due diligence because the law deems that those types of accounts are a higher risk for money laundering. All accounts are subject to ongoing monitoring, in which internal bank software scrutinizes transactions and flags for manual inspection those that fall outside certain parameters. If a manual inspection reveals that the transaction is suspicious, the institution should file a Suspicious Activity Report.[58]
The regulators of the industries involved are responsible to ensure that the financial institutions comply with the BSA. For example, the Federal Reserve and the Office of the Comptroller of the Currency regularly inspect banks, and may impose civil fines or refer matters for criminal prosecution for non-compliance. A number of banks have been fined and prosecuted for failure to comply with the BSA. Most famously, Riggs Bank, in Washington D.C., was prosecuted and functionally driven out of business as a result of its failure to apply proper money laundering controls, particularly as it related to foreign political figures.
http://en.wikipedia.org/wiki/Money_laundering
Image By Pen Waggener (Flickr: Economic Landscape) [CC-BY-2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons

Formed in 1989 by the G7 countries, the FATF is an intergovernmental body whose purpose is to develop and promote an international response to combat money laundering. The FATF Secretariat is housed at the headquarters of the OECD in Paris. In October 2001, FATF expanded its mission to include combating the financing of terrorism. FATF is a policy-making body that brings together legal, financial, and law enforcement experts to achieve national legislation and regulatory AML and CFT reforms. Currently its membership consists of 34 countries and territories and two regional organizations. In addition, FATF works in collaboration with a number of international bodies and organizations. These entities have observer status with FATF, which does not entitle them to vote, but permits them full participation in plenary sessions and working groups.[28]
FATF has developed 40 recommendations on money laundering and 9 special recommendations regarding terrorist financing. FATF assesses each member country against these recommendations in published reports. Countries seen as not being sufficiently compliant with such recommendations are subjected to financial sanctions.
In an attempt to prevent dirty money from entering the US financial system in the first place, the United States Congress passed a series of laws, starting in 1970, collectively known as the Bank Secrecy Act. These laws, contained in sections 5311 through 5332 of Title 31 of the United States Code, require financial institutions, which under the current definition include a broad array of entities, including banks, credit card companies, life insurers, money service businesses and broker-dealers in securities, to report certain transactions to the United States Treasury. Cash transactions in excess of US$10,000 must be reported on a currency transaction report (CTR), identifying the individual making the transaction as well as the source of the cash. The US is one of the few countries in the world to require reporting of all cash transactions over a certain limit, although certain businesses can be exempt from the requirement. Additionally, financial institutions must report transaction on a Suspicious Activity Report (SAR) that they deem "suspicious", defined as a knowing or suspecting that the funds come from illegal activity or disguise funds from illegal activity, that it is structured to evade BSA requirements or appears to serve no known business or apparent lawful purpose; or that the institution is being used to facilitate criminal activity. Attempts by customers to circumvent the BSA, generally by structuring cash deposits to amounts lower than US$10,000 by breaking them up and depositing them on different days or at different locations also violates the law.[56]
The financial database created by these reports is administered by the U.S.'s Financial Intelligence Unit (FIU), called the Financial Crimes Enforcement Network (FinCEN), which is located in Vienna, Virginia. These reports are made available to US criminal investigators, as well as other FIU's around the globe, and FinCEN conducts computer assisted analyses of these reports to determine trends and refer investigations.[57]
The BSA requires financial institutions to engage in customer due diligence, which is sometimes known in the parlance as "know your customer". This includes obtaining satisfactory identification to give assurance that the account is in the customer's true name, and having an understanding of the expected nature and source of the money that flows through the customer's accounts. Other classes of customers, such as those with private banking accounts and those of foreign government officials, are subjected to enhanced due diligence because the law deems that those types of accounts are a higher risk for money laundering. All accounts are subject to ongoing monitoring, in which internal bank software scrutinizes transactions and flags for manual inspection those that fall outside certain parameters. If a manual inspection reveals that the transaction is suspicious, the institution should file a Suspicious Activity Report.[58]
The regulators of the industries involved are responsible to ensure that the financial institutions comply with the BSA. For example, the Federal Reserve and the Office of the Comptroller of the Currency regularly inspect banks, and may impose civil fines or refer matters for criminal prosecution for non-compliance. A number of banks have been fined and prosecuted for failure to comply with the BSA. Most famously, Riggs Bank, in Washington D.C., was prosecuted and functionally driven out of business as a result of its failure to apply proper money laundering controls, particularly as it related to foreign political figures.
http://en.wikipedia.org/wiki/Money_laundering
Image By Pen Waggener (Flickr: Economic Landscape) [CC-BY-2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons

NEW YORK, NY - U.S. AttorneyPreet Bharara and FBIAssistant Director-in-Charge George Venizelos announce criminal charges against JPMorgan Chase Bank, N.A. consisting of two felony violations of the Bank Secrecy Act, in connection with the bank's relationship with Bernard L. MadoffInvestment Securities. Mr. Bharara also announces an agreement with JPMorgan, under which the Bank agreed to accept responsibility for its conduct by stipulating to the accuracy of an extensive Statement of Facts; to pay a $1.7 billion penalty to the victims of the Madoff fraud through a parallel civil forfeiture complaint; to refrain from future criminal conduct and cooperate fully with the Government; and to continue reforms of its Bank Secrecy Act/Anti-Money Laundering compliance program. The criminal charges are contained in a two-count felony Information. Assuming the bank�s continued compliance with the agreement, the Government has agreed to defer prosecution on the Information for a period of two years, after which time the Government will seek to dismiss the charges.

NEW YORK, NY - U.S. AttorneyPreet Bharara and FBIAssistant Director-in-Charge George Venizelos announce criminal charges against JPMorgan Chase Bank, N.A. consisting of two felony violations of the Bank Secrecy Act, in connection with the bank's relationship with Bernard L. MadoffInvestment Securities. Mr. Bharara also announces an agreement with JPMorgan, under which the Bank agreed to accept responsibility for its conduct by stipulating to the accuracy of an extensive Statement of Facts; to pay a $1.7 billion penalty to the victims of the Madoff fraud through a parallel civil forfeiture complaint; to refrain from future criminal conduct and cooperate fully with the Government; and to continue reforms of its Bank Secrecy Act/Anti-Money Laundering compliance program. The criminal charges are contained in a two-count felony Information. Assuming the bank�s continued compliance with the agreement, the Government has agreed to defer prosecution on the Information for a period of two years, after which time the Government will seek to dismiss the charges.

Download→ "Thought Vibration - The Law of Attraction" - PDF (161 Pages)
http://www.mediafire.com/download/9qve1ci1jns533a/Thought_Vibration__Or__The_Law_of_Attrac.pdf
Twitter: https://twitter.com/Darehl
The Power of Thought Vibrations: Asserting the Life Force and the Law of Attraction ~ William Walker Atkinson
Summary from Wikipedia:
William Walker Atkinson (December 5, 1862 -- November 22, 1932) was an attorney, merchant, publisher, and author, as well as an occultist and an American pioneer of the New Thought movement.
Atkinson was a prolific writer, and his many books achieved wide circulation among New Thought devotees and occult practitioners. He published under several pen names, including MagusIncognito, Theodore Sheldon, Theron Q. Dumont, Swami Panchadasi, Yogi Ramacharaka, Swami Bhakta Vishita, and probably other names not identified at present. The works published under the name of William Walker Atkinson generally treat themes related to the mental world, occultism, divination, psychic reality, and mankind's nature. They constitute a basis for what Atkinson called "New Psychology" or "New Thought". These titles include Thought-Force in Business & Everyday Life (1900), Thought Vibration or the Law of Attraction in the Thought World (1906) and Practical MentalInfluence (1908).
Due in part to Atkinson's intense personal secrecy and extensive use of pseudonyms, he is now largely forgotten, despite having obtained mention in past editions of Who's Who in America, ReligiousLeaders of America, and several similar publications - and having written more than 100 books in the last 30 years of his life. His works have remained in print more or less continuously since 1900.
online book: http://www.thoughtvibrations.com/asserting_life_force.html
"When you concentrate your energy purposely on the future possibility that you aspire to realize, your energy is passed on to it and makes it attracted to you with a force stronger than the one you directed towards it." Stephen Richards
"See the things that you want as already yours. Know that they will come to you at need. Then let them come. Don't fret and worry about them. Don't think about your lack of them. Think of them as yours, as belonging to you, as already in your possession." -- Robert Collier
"The Law of Attraction attracts you to everything you need, according to the nature of your thoughts. Your environment and financial condition are the perfect reflection of your habitual thinking." Dr. Joseph MurphyImagination is everything. It is the preview of life's coming attractions.-- Albert Einstein
Quotes from the movie "The Secret":
1. We all work with one infinite power
2. The Secret is the Law of Attraction (LOA)
3. Whatever is going on in your mind is what you are attracting
4. We are like magnets - like attract like. You become AND attract what
you think
5. Every thought has a frequency. Thoughts send out a magnetic energy
6. People think about what they don't want and attract more of the same
7. Thought = creation. If these thoughts are attached to powerful
emotions (good or bad) that speeds the creation
8. You attract your dominant thoughts
9. Those who speak most of illness have illness, those who speak most of
prosperity have it..etc..
10. It's not "wishful" thinking.
11. You can't have a universe without the mind entering into it
12. Choose your thoughts carefully .. you are a masterpiece of your life
13. It's OK that thoughts don't manifest into reality immediately (if we
saw a picture of an elephant and it instantly appeared, that would be
too soon)
14. EVERYTHING in your life you have attracted .. accept that fact ..
it's true.
15. Your thoughts cause your feelings
*This is a Librivox recording. All Librivox recordings are in the public domain. For more information or to volunteer:
Visit librivox.org.

Download→ "Thought Vibration - The Law of Attraction" - PDF (161 Pages)
http://www.mediafire.com/download/9qve1ci1jns533a/Thought_Vibration__Or__The_Law_of_Attrac.pdf
Twitter: https://twitter.com/Darehl
The Power of Thought Vibrations: Asserting the Life Force and the Law of Attraction ~ William Walker Atkinson
Summary from Wikipedia:
William Walker Atkinson (December 5, 1862 -- November 22, 1932) was an attorney, merchant, publisher, and author, as well as an occultist and an American pioneer of the New Thought movement.
Atkinson was a prolific writer, and his many books achieved wide circulation among New Thought devotees and occult practitioners. He published under several pen names, including MagusIncognito, Theodore Sheldon, Theron Q. Dumont, Swami Panchadasi, Yogi Ramacharaka, Swami Bhakta Vishita, and probably other names not identified at present. The works published under the name of William Walker Atkinson generally treat themes related to the mental world, occultism, divination, psychic reality, and mankind's nature. They constitute a basis for what Atkinson called "New Psychology" or "New Thought". These titles include Thought-Force in Business & Everyday Life (1900), Thought Vibration or the Law of Attraction in the Thought World (1906) and Practical MentalInfluence (1908).
Due in part to Atkinson's intense personal secrecy and extensive use of pseudonyms, he is now largely forgotten, despite having obtained mention in past editions of Who's Who in America, ReligiousLeaders of America, and several similar publications - and having written more than 100 books in the last 30 years of his life. His works have remained in print more or less continuously since 1900.
online book: http://www.thoughtvibrations.com/asserting_life_force.html
"When you concentrate your energy purposely on the future possibility that you aspire to realize, your energy is passed on to it and makes it attracted to you with a force stronger than the one you directed towards it." Stephen Richards
"See the things that you want as already yours. Know that they will come to you at need. Then let them come. Don't fret and worry about them. Don't think about your lack of them. Think of them as yours, as belonging to you, as already in your possession." -- Robert Collier
"The Law of Attraction attracts you to everything you need, according to the nature of your thoughts. Your environment and financial condition are the perfect reflection of your habitual thinking." Dr. Joseph MurphyImagination is everything. It is the preview of life's coming attractions.-- Albert Einstein
Quotes from the movie "The Secret":
1. We all work with one infinite power
2. The Secret is the Law of Attraction (LOA)
3. Whatever is going on in your mind is what you are attracting
4. We are like magnets - like attract like. You become AND attract what
you think
5. Every thought has a frequency. Thoughts send out a magnetic energy
6. People think about what they don't want and attract more of the same
7. Thought = creation. If these thoughts are attached to powerful
emotions (good or bad) that speeds the creation
8. You attract your dominant thoughts
9. Those who speak most of illness have illness, those who speak most of
prosperity have it..etc..
10. It's not "wishful" thinking.
11. You can't have a universe without the mind entering into it
12. Choose your thoughts carefully .. you are a masterpiece of your life
13. It's OK that thoughts don't manifest into reality immediately (if we
saw a picture of an elephant and it instantly appeared, that would be
too soon)
14. EVERYTHING in your life you have attracted .. accept that fact ..
it's true.
15. Your thoughts cause your feelings
*This is a Librivox recording. All Librivox recordings are in the public domain. For more information or to volunteer:
Visit librivox.org.

Anti-Money-Laundering, Counterterrorism Financing and Financial Crime: The Critical Role of Financial Institutions and How It Affects You
Talk by Hue Dang ’92, Head of Asia for the Association of Certified Anti-Money-Laundering Specialists. Media coverage in the last several years of financial penalties against global banks such as BNP Paribas ($8.9 billion) or HSBC ($1.92 billion) for money-laundering and sanctions violations—to name just a few examples—highlights the increasing risks to banks as they conduct their normal business. We now live in an era of international money-laundering controls. The terrorist attacks of Sept. 11, 2001, revolutionized the anti-money-laundering (AML) field and brought into stark relief the threat of the movement and disguising of funds destined for the support of terrorism throughout the world, introducing a whole new effort to combat the financing of terrorism (CFT). As a result of the governmental reaction in virtually all countries, banks, non-bank financial institutions and nonfinancial businesses face tougher national and international legal requirements and harsher penalties than ever before. By the same token, the regulators of those businesses, law-enforcement agents and prosecutors also face greater challenges and responsibilities in their work. The discussion of what this means to you will include the economic and social consequences of money laundering; the latest regulatory developments in the U.S., Asia and Europe; challenges in effective AML/CFT implementation; and key lessons learned from recent cases. Presented by the Class of 1992.

Anti-Money-Laundering, Counterterrorism Financing and Financial Crime: The Critical Role of Financial Institutions and How It Affects You
Talk by Hue Dang ’92, Head of Asia for the Association of Certified Anti-Money-Laundering Specialists. Media coverage in the last several years of financial penalties against global banks such as BNP Paribas ($8.9 billion) or HSBC ($1.92 billion) for money-laundering and sanctions violations—to name just a few examples—highlights the increasing risks to banks as they conduct their normal business. We now live in an era of international money-laundering controls. The terrorist attacks of Sept. 11, 2001, revolutionized the anti-money-laundering (AML) field and brought into stark relief the threat of the movement and disguising of funds destined for the support of terrorism throughout the world, introducing a whole new effort to combat the financing of terrorism (CFT). As a result of the governmental reaction in virtually all countries, banks, non-bank financial institutions and nonfinancial businesses face tougher national and international legal requirements and harsher penalties than ever before. By the same token, the regulators of those businesses, law-enforcement agents and prosecutors also face greater challenges and responsibilities in their work. The discussion of what this means to you will include the economic and social consequences of money laundering; the latest regulatory developments in the U.S., Asia and Europe; challenges in effective AML/CFT implementation; and key lessons learned from recent cases. Presented by the Class of 1992.

Bank regulation in the United States is highly fragmented compared with other G10 countries, where most countries have only one bank regulator. In theU.S., banking is regulated at both the federal and state level. Depending on the type of charter a banking organization has and on its organizational structure, it may be subject to numerous federal and state banking regulations. Unlike Japan and the United Kingdom (where regulatory authority over the banking, securities and insurance industries is combined into one single financial-service agency), the U.S. maintains separate securities, commodities, and insurance regulatory agencies—separate from the bank regulatory agencies—at the federal and state level.[1]
U.S. banking regulation addresses privacy, disclosure, fraud prevention, anti-money laundering, anti-terrorism, anti-usury lending, and the promotion of lending to lower-income populations. Some individual cities also enact their own financial regulation laws (for example, defining what constitutes usurious lending).
A bank's primary federal regulator could be the Federal Deposit Insurance Corporation, the Federal Reserve Board, or the Office of the Comptroller of the Currency. Within the Federal Reserve Board are 12 districts centered around 12 regional Federal Reserve Banks, each of which carries out the Federal Reserve Board's regulatory responsibilities in its respective district. Credit unions are subject to most bank regulations and are supervised by the National Credit Union Administration. The FederalFinancial Institutions Examination Council (FFIEC) establishes uniform principles, standards, and report forms for the other agencies.
State-chartered banks are also subject to the regulation and supervision of the state regulatory agency of the state in which they were chartered. State regulation of state-chartered banks applies, in addition to federal regulation. For example, a California state bank that is not a member of the Federal Reserve System would be regulated by both the California Department of Financial Institutions and the FDIC. Likewise, a Nevada state bank that is a member of the Federal Reserve System would be jointly regulated by the Nevada Division of Financial Institutions and the Federal Reserve.
State banking laws apply to state-chartered banks and certain non-bank affiliates of federally chartered banks.
By statute, and in accordance with judicial interpretation of statutes and the United States Constitution, federal banking statutes (and the regulations and other guidance issued by federal banking regulatory agencies) often preempt state laws regulating certain activities of nationally chartered banking institutions and their subsidiaries. Specific exceptions to the general rule of federal preemption exist such as some contract law, escheat law, and insurance law.
One example of Office of Thrift Supervision preemption begins with Section 550.136(a) of the OTS Regulations, providing that “...OTS occupies the field of the regulation of the fiduciary activities of Federal savings associations...Accordingly, Federal savings associations may exercise fiduciary powers as authorized under Federal law, including this part, without regard to State laws that purport to regulate or otherwise affect their fiduciary activities, except to the extent provided in 12 U.S.C. § 1464(n)...or in paragraph (c) of this section.” 12 U.S.C. § 1464(n) authorizes fiduciary activities for federal savings associations, and specifies certain state law requirements that are applicable to federal savings associations. Section 550.136(c) lists six types of state laws that, in certain specified circumstances, are not preempted with respect to federal savings associations.
At its core, financial transparency requires financial institutions to implement certain basic controls:[5]
they must know who their customers are (so-called know your customer rules);
they must understand their customers' normal and expected transactions;
and they must keep the necessary records and make the necessary reports on their customers.
The BankSecrecy Act (BSA) requires financial institutions to assist government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion or other criminal activities.
Section 326 of the USA PATRIOT Act allows financial institutions to place limits on new accounts until the account holder's identity has been verified.
Office of Foreign Assets Control (OFAC) sanctions apply to all U.S. entities including banks. The FFIEC provides guidelines to financial regulators for verifying compliance with the sanctions.
http://en.wikipedia.org/wiki/Bank_regulation_in_the_United_States

Bank regulation in the United States is highly fragmented compared with other G10 countries, where most countries have only one bank regulator. In theU.S., banking is regulated at both the federal and state level. Depending on the type of charter a banking organization has and on its organizational structure, it may be subject to numerous federal and state banking regulations. Unlike Japan and the United Kingdom (where regulatory authority over the banking, securities and insurance industries is combined into one single financial-service agency), the U.S. maintains separate securities, commodities, and insurance regulatory agencies—separate from the bank regulatory agencies—at the federal and state level.[1]
U.S. banking regulation addresses privacy, disclosure, fraud prevention, anti-money laundering, anti-terrorism, anti-usury lending, and the promotion of lending to lower-income populations. Some individual cities also enact their own financial regulation laws (for example, defining what constitutes usurious lending).
A bank's primary federal regulator could be the Federal Deposit Insurance Corporation, the Federal Reserve Board, or the Office of the Comptroller of the Currency. Within the Federal Reserve Board are 12 districts centered around 12 regional Federal Reserve Banks, each of which carries out the Federal Reserve Board's regulatory responsibilities in its respective district. Credit unions are subject to most bank regulations and are supervised by the National Credit Union Administration. The FederalFinancial Institutions Examination Council (FFIEC) establishes uniform principles, standards, and report forms for the other agencies.
State-chartered banks are also subject to the regulation and supervision of the state regulatory agency of the state in which they were chartered. State regulation of state-chartered banks applies, in addition to federal regulation. For example, a California state bank that is not a member of the Federal Reserve System would be regulated by both the California Department of Financial Institutions and the FDIC. Likewise, a Nevada state bank that is a member of the Federal Reserve System would be jointly regulated by the Nevada Division of Financial Institutions and the Federal Reserve.
State banking laws apply to state-chartered banks and certain non-bank affiliates of federally chartered banks.
By statute, and in accordance with judicial interpretation of statutes and the United States Constitution, federal banking statutes (and the regulations and other guidance issued by federal banking regulatory agencies) often preempt state laws regulating certain activities of nationally chartered banking institutions and their subsidiaries. Specific exceptions to the general rule of federal preemption exist such as some contract law, escheat law, and insurance law.
One example of Office of Thrift Supervision preemption begins with Section 550.136(a) of the OTS Regulations, providing that “...OTS occupies the field of the regulation of the fiduciary activities of Federal savings associations...Accordingly, Federal savings associations may exercise fiduciary powers as authorized under Federal law, including this part, without regard to State laws that purport to regulate or otherwise affect their fiduciary activities, except to the extent provided in 12 U.S.C. § 1464(n)...or in paragraph (c) of this section.” 12 U.S.C. § 1464(n) authorizes fiduciary activities for federal savings associations, and specifies certain state law requirements that are applicable to federal savings associations. Section 550.136(c) lists six types of state laws that, in certain specified circumstances, are not preempted with respect to federal savings associations.
At its core, financial transparency requires financial institutions to implement certain basic controls:[5]
they must know who their customers are (so-called know your customer rules);
they must understand their customers' normal and expected transactions;
and they must keep the necessary records and make the necessary reports on their customers.
The BankSecrecy Act (BSA) requires financial institutions to assist government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion or other criminal activities.
Section 326 of the USA PATRIOT Act allows financial institutions to place limits on new accounts until the account holder's identity has been verified.
Office of Foreign Assets Control (OFAC) sanctions apply to all U.S. entities including banks. The FFIEC provides guidelines to financial regulators for verifying compliance with the sanctions.
http://en.wikipedia.org/wiki/Bank_regulation_in_the_United_States

Yves Smith and Dean Baker on Secrets in Trade

A US-led trade deal is currently being negotiated that could increase the price of prescription drugs, weaken financial regulations and even allow partner count...

A US-led trade deal is currently being negotiated that could increase the price of prescription drugs, weaken financial regulations and even allow partner countries to challenge American laws. But few know its substance.
The pact, the Trans-Pacific Partnership (TPP), is deliberately shrouded in secrecy, a trade deal powerful people, including President Obama, don't want you to know about. Over 130 Members of Congress have asked the White House for more transparency about the negotiations and were essentially told to go fly a kite. While most of us are in the dark about the contents of the deal, which Obama aims to seal by year end, corporate lobbyists are in the know about what it contains.
And some vigilant independent watchdogs are tracking the negotiations with sources they trust, including Dean Baker and Yves Smith, who join Moyers & Company this week. Both have written extensively about the TPP and tell Bill the pact actually has very little to do with free trade.
Instead, says Dean Baker, co-director of the Center for Economic and PolicyResearch, "This really is a deal that's being negotiated by corporations for corporations and any benefit it provides to the bulk of the population of this country will be purely incidental." Yves Smith, an investment banking expert who runs the Naked Capitalism blog adds: "There would be no reason to keep it so secret if it was in the interest of the public."

A US-led trade deal is currently being negotiated that could increase the price of prescription drugs, weaken financial regulations and even allow partner countries to challenge American laws. But few know its substance.
The pact, the Trans-Pacific Partnership (TPP), is deliberately shrouded in secrecy, a trade deal powerful people, including President Obama, don't want you to know about. Over 130 Members of Congress have asked the White House for more transparency about the negotiations and were essentially told to go fly a kite. While most of us are in the dark about the contents of the deal, which Obama aims to seal by year end, corporate lobbyists are in the know about what it contains.
And some vigilant independent watchdogs are tracking the negotiations with sources they trust, including Dean Baker and Yves Smith, who join Moyers & Company this week. Both have written extensively about the TPP and tell Bill the pact actually has very little to do with free trade.
Instead, says Dean Baker, co-director of the Center for Economic and PolicyResearch, "This really is a deal that's being negotiated by corporations for corporations and any benefit it provides to the bulk of the population of this country will be purely incidental." Yves Smith, an investment banking expert who runs the Naked Capitalism blog adds: "There would be no reason to keep it so secret if it was in the interest of the public."

Join us for an overview of fair lending issues arising out of the enforcement of the Fair Housing Act (FHA) and the EqualCredit and Opportunity Act (ECOA). We'll review recent trends in related litigation, plus best practices you can implement now within your ComplianceManagementSystem – including ways to get in front of the implementation of the revised HMDA rule. Regulatory exams and investigations continue to focus on possible fair lending violations, creating outsized regulatory, litigation and reputational risks for lenders. It is imperative that your institution have a thorough understanding of fair lending regulation as well as the associated risks in order to implement the necessary best practices and controls to limit your liability.

Join us for an overview of fair lending issues arising out of the enforcement of the Fair Housing Act (FHA) and the EqualCredit and Opportunity Act (ECOA). We'll review recent trends in related litigation, plus best practices you can implement now within your ComplianceManagementSystem – including ways to get in front of the implementation of the revised HMDA rule. Regulatory exams and investigations continue to focus on possible fair lending violations, creating outsized regulatory, litigation and reputational risks for lenders. It is imperative that your institution have a thorough understanding of fair lending regulation as well as the associated risks in order to implement the necessary best practices and controls to limit your liability.

Monkeynomics 101: Asset Diversification

A video about the different asset classes, how they fit into a diversified portfolio, and a little bit regarding ways to use the concept of asset diversificatio...

A video about the different asset classes, how they fit into a diversified portfolio, and a little bit regarding ways to use the concept of asset diversification to protect yourself in anticipation for an economic collapse.
Note: I'm not the biggest expert on commodities, as my background is more in securities. If I make any mistakes, let me know, and I'll add a correction in the description, or add an annotation to the video itself.
Also note that the US and EU are cracking down on bank secrecy, but the goal isn't to avoid taxes, but to keep the government from being able to seize your legal assets during a collapse.
Song: "Pachabelly" by Huma-Huma. Courtesy of the YouTube AudioLibrary.

A video about the different asset classes, how they fit into a diversified portfolio, and a little bit regarding ways to use the concept of asset diversification to protect yourself in anticipation for an economic collapse.
Note: I'm not the biggest expert on commodities, as my background is more in securities. If I make any mistakes, let me know, and I'll add a correction in the description, or add an annotation to the video itself.
Also note that the US and EU are cracking down on bank secrecy, but the goal isn't to avoid taxes, but to keep the government from being able to seize your legal assets during a collapse.
Song: "Pachabelly" by Huma-Huma. Courtesy of the YouTube AudioLibrary.

Joseph Salerno: The War on Cash

Governments, at least modern western governments, have always hated cash transactions. Cash is private, and cash is hard to tax. So politicians trump up phony r...

Governments, at least modern western governments, have always hated cash transactions. Cash is private, and cash is hard to tax. So politicians trump up phony reasons like drug trafficking and money laundering to win support for bad laws like the Bank Secrecy Act of 1970, which makes even small cash transactions potentially reportable to the Feds.
Today cash is under attack like never before. Ultra low interest rates are the norm for commercial bank accounts. In Europe, as the ECB ventures into negative nominal interest rates, certain banks threaten to charge customers for depositing cash. Meanwhile, certain European bonds now pay negative yields, effectively turning them into insurance products rather than financial assets. And some economists now call for the outright abolition of cash, which shows just how far some will go in their crazed belief that economic prosperity can be commanded by forcing us to spend rather than save.
The War on Cash is real, and it will intensify. Here to explain is Dr. JoeSalerno, who spoke on the subject at our recent Mises Circle event in Stamford, Connecticut.

Governments, at least modern western governments, have always hated cash transactions. Cash is private, and cash is hard to tax. So politicians trump up phony reasons like drug trafficking and money laundering to win support for bad laws like the Bank Secrecy Act of 1970, which makes even small cash transactions potentially reportable to the Feds.
Today cash is under attack like never before. Ultra low interest rates are the norm for commercial bank accounts. In Europe, as the ECB ventures into negative nominal interest rates, certain banks threaten to charge customers for depositing cash. Meanwhile, certain European bonds now pay negative yields, effectively turning them into insurance products rather than financial assets. And some economists now call for the outright abolition of cash, which shows just how far some will go in their crazed belief that economic prosperity can be commanded by forcing us to spend rather than save.
The War on Cash is real, and it will intensify. Here to explain is Dr. JoeSalerno, who spoke on the subject at our recent Mises Circle event in Stamford, Connecticut.

17/01/2011 -
Rudolf Elmer, the man who blew the whistle on the conduct of Julius BaerBank in the Cayman Islands for which he is set to stand trial in Zurich on 19th January for breaching Swiss bank secrecy laws, will be addressing the press at the Frontline Club on Monday from 11.15am.
Accompanied by his lawyer Jack Blum, he will reveal more details of alleged abuses in the world of offshore financial centres. As he did back in 2007 he will pass the said documents and information to Wikileaks.
A representative from Wikileaks will be attending to accept this information.

17/01/2011 -
Rudolf Elmer, the man who blew the whistle on the conduct of Julius BaerBank in the Cayman Islands for which he is set to stand trial in Zurich on 19th January for breaching Swiss bank secrecy laws, will be addressing the press at the Frontline Club on Monday from 11.15am.
Accompanied by his lawyer Jack Blum, he will reveal more details of alleged abuses in the world of offshore financial centres. As he did back in 2007 he will pass the said documents and information to Wikileaks.
A representative from Wikileaks will be attending to accept this information.

What isBANK SECRECY? What does BANK SECRECY mean? BANK SECRECY meaning - BANK SECRECY definition - BANK SECRECY explanation.
Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license.
Bank secrecy (or bank privacy) is a legal requirement in some jurisdictions which prohibits banks providing to authorities personal and account information about their customers, except in certain conditions, such as if a criminal complaint has been filed. In some cases, additional privacy is provided to beneficial owners through the use of numbered bank accounts or in other ways. Bank secrecy is prevalent in certain countries such as Switzerland, Lebanon, Singapore and Luxembourg, as well as offshore banks and other tax havens under voluntary or statutory privacy provisions.
Numbered bank accounts were first created in Switzerland by the Swiss Banking Act of 1934, where the principle of bank secrecy continues to be considered one of the main aspects of private banking. Switzerland has also been accused by NGOs and governments of being one of the main instruments of the underground economy and organized crime, in particular following the class action suit against the Vatican Bank in the 1990s, the Clearstream scandal and the terrorist attacks of September 11, 2001. Former bank employees from banks in Switzerland (UBS, Julius Baer) and Liechtenstein (LGTGroup) have testified that their former institutions helped clients evade billions of dollars in taxes by routing money through offshore havens in the Caribbean and Switzerland. One of these, Rudolf M. Elmer, wrote, "It is a global problem...Offshore tax evasion is the biggest theft among societies and neighbor states in this world." The SwissParliament ratified on June 17, 2010 an agreement between the Swiss and the United States governments allowing UBS to transmit to the US authorities information concerning 4,450 American clients of UBS suspected of tax evasion.
Advances in financial cryptography (e.g. public-key cryptography) could make it possible to use anonymous electronic money and anonymous digital bearer certificates for financial privacy and anonymous Internet banking, given enabling institutions (e.g. issuers of such certificates and digital cash) and secure computer systems.

Can You Still Hide Money in Swiss Banks?

Subscribe! http://bitly.com/1iLOHml
Swiss banks have been scrutinized the last few years for alleged unscrupulous business conduct. So what unethical practices are they accused of?
Learn More:
Tax JusticeReport
http://www.taxjustice.net/cms/upload/pdf/TUIYC_2012_FINAL.pdfHSBC: CorporateRap Sheet
http://www.corp-research.org/HSBC
"Once a staid financial institution with a focus on Asia, HSBC has found itself caught up in recent years in scandals involving predatory lending, tax evasion and the role its lax internal controls have played in helping drug traffickers and organizations said to be linked to terrorist groups."
Swiss bank secrecy in toughest test since Nazi gold
http://www.reuters.com/article/2008/12/11/us-banking-secrecy-switzerland-idUSTRE4BA0CV20081211
"Nearly one-third of wealth kept abroad globally is in Swiss banks: the Swiss Bankers Association and consultants estimate this at $2.2 trillion, making the Alpine state the globe's biggest offshore center ahead of Britain and Luxembourg."
Watch More:
How Are US Companies Avoiding Billions in Taxes?
https://www.youtube.com/watch?v=-o-zPXB_F6Y
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2:42

PH one of few countries with bank secrecy law

Several bank officials invoked the bank secrecy law on Tuesday's Senate inquiry on the $81...

PH one of few countries with bank secrecy law

Several bank officials invoked the bank secrecy law on Tuesday's Senate inquiry on the $81-million money laundering scandal. The law, which was enacted in 1955, ensures the confidentiality of all bank deposits, except if there is a written consent from the depositor, if an account is linked to a graft and corruption case, and if it is related to litigation. - The World Tonight, ANC, March 16, 2016

10:41

Bank Secrecy Act

The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Trans...

Bank Secrecy Act

The BankSecrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.
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7:53

Bank Secrecy torn into pieces

What does the “de facto” end of bank secrecy mean for offshore banking? Rene Philippe, Off...

Changes to bank secrecy laws in Belgium are here, and their implications are very far-reaching. WorldFinance finds out more about how they are allowing inspectors greater access to bank accounts and what protection taxpayers can expect.
In an attempt to crack down on tax evasion Belgium has changed its bank secrecy laws to give inspectors greater access to bank accounts. World Finance speaks to Jonathan Chazkal of Association Afschrift about how the rules have changed and what guarantees taxpayers have under this increased scrutiny.
For a full transcript visit: http://www.worldfinance.com/wealth-management/association-afschrift-on-belgiums-new-bank-secrecy-laws
For more World Finance interviews go to http://www.worldfinance.com/videos/

11:23

Bank Secrecy torn into pieces (2)

What does the “de facto” end of bank secrecy mean for offshore banking? Rene Philippe, Off...

After Decades of Pressure, Luxembourg Drops Bank Secrecy Rules

European Union finance ministers have reached a breakthrough agreement that will make it more difficult for tax cheats to hide their money. The new legislation, which had been blocked for years by countries with a reputation as tax havens, was approved last week after Luxembourg and Austria agreed to lift their vetoes. But as Mil Arcega reports, it doesn’t mean tax cheats have run out of places to keep their money hidden.
Originally published at - http://www.voanews.com/media/video/luxembourg-drops-bank-secrecy-rules/2490428.html

2:18

Lifting The Veil On Swiss Bank Secrecy - Bloomberg

U.B.S. hand over the names of American account holders suspected of tax evasion. European ...

Asset protection and Swiss bank secrecy

Investment products are more and more complex and sophisticated. The banking language is using a terminology nobody understands, sometimes including the banker. Therefore, banking products and terminology have to be explained to the customers.

1:35

Bank Secrecy Laws

-- Created using PowToon -- Free sign up at http://www.powtoon.com/youtube/ -- Create anim...

Bank Secrecy Laws

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2:09

Tax Heavens: How to loot a country (and get away with it)

Secretive offshore tax havens help funnel billion of dollars out of the poorest countries ...

Created by the Swiss Banking Act of 1934, which led to the famous Swiss bank numbered account, the principle of bank secrecy is always considered one of the main aspects of private banking. It has also been accused by NGOs and governments of being one of the main instruments of underground economy and organized crime, in particular following the class action suit against the Vatican Bank in the 1990s, the Clearstream scandal and the terrorist attacks of September 11, 2001. Former bank employees from banks in Switzerland (UBS, Julius Baer) and Liechtenstein (LGT Group) have testified that their former institutions helped clients evade billions of dollars in taxes by routing money through offshore havens in the Caribbean and Switzerland. One of these, Rudolf M. Elmer, wrote, "It is a global problem...Offshore tax evasion is the biggest theft among societies and neighbor states in this world." The Swiss Parliament ratified on June 17, 2010 an agreement between the Swiss and the United States governments allowing UBS to transmit to the US authorities information concerning 4,450 American clients of UBS suspected of tax evasion.

The scandal has cast a spotlight on the deep-seated culture of secrecy at the ministry and the SDF. It has also underscored the serious erosion of the principle of civilian control, which basically means the subordination of a nation’s armed forces to its civilian authorities ... The ministry needs to demonstrate its commitment to taking this opportunity to stamp out the culture of secrecy and other problems behind the cover-up scandal....

The Head of Corporate and Investment Banking at the Stanbic BankGhana, Mr Kwamina Asomaning, has objected to the idea to set a separate minimum capital requirement for local banks, describing the move as unsafe since it will set the precedent for local banks to fail....

The bank said that it would cut headcount by 25 percent in its equities sales and trading business following a review of the business ... Deutsche Bank will shrink global staff to well below 90,000 from the current 97,000, ......

Anti-Money Laundering Webinar: Meeting Regulatory Compliance in 2016

In this webinar, we discuss how banks can keep pace abiding by BSA/AML compliance and reporting rules. Speakers from Pneuron, Texas A&M University Law, and Reed Smith review recent litigation, sanctions and developments in Anti-Money Laundering, giving you understanding of how to combat current challenges to create an optimized program that is standardized and more accurate.

🇧🇩 Hacked: The Bangladesh Bank Heist | 101 East

It was a daring raid. Tens of millions of dollars stolen from Bangladesh's central bank via the Federal Reserve Bank of New York, transferred to accounts in the Philippines and then laundered through the Philippine casino system.
The money, and the thieves, then vanished. And it was all done online. In this comprehensive investigation spanning several countries, 101 East examines one of the biggest bank robberies in modern times, to find out how cyber-hackers infiltrated the global banking system, and got away with it.
The crime stunned the then-governor of Bangladesh Bank, Atiur Rahman. "It was like a terrorist attack, into the central bank," he says. "I couldn't believe it ... because nothing like that ... ever happened."
The robbery prompted investigations in the Philippines, Bangladesh and by the FBI. It revealed weaknesses in the supposedly secure global money transfer system known as SWIFT, which banks use to move billions of dollars daily between themselves.
The heist also exposed the murky banking system of the Philippines, where some of the world's toughest bank secrecy laws make the country vulnerable to potential corruption and money laundering. And it drew attention to the country's casinos, which are exempt from anti-money laundering laws, and not required to report suspicious transactions.
101 East exposes how cyber-hackers got away with one of the biggest bank thefts in history, robbing Bangladesh's central bank of more than $80m.
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Century of Enslavement: The History of The Federal Reserve

TRANSCRIPT AND RESOURCES: http://www.corbettreport.com/federalreserve
What is the Federal Reserve system? How did it come into existence? Is it part of the federal government? How does it create money? Why is the public kept in the dark about these important matters? In this feature-length documentary film, The Corbett Report explores these important question and pulls back the curtain on America's central bank.

Counting the Cost - Switzerland: A banking paradise lost

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The Swiss banking industry's secrets are out and new treaties mean it is no longer a haven for the world's tax cheats. We speak to Kaspar Villiger, the former president of Switzerland.
At Al Jazeera English, we focus on people and events that affect people's lives. We bring topics to light that often go under-reported, listening to all sides of the story and giving a 'voice to the voiceless.'
Reaching more than 270 million households in over 140 countries across the globe, our viewers trust Al Jazeera English to keep them informed, inspired, and entertained.
Our impartial, fact-based reporting wins worldwide praise and respect. It is our unique brand of journalism that the world has come to rely on.
We are reshaping global media and constantly working to strengthen our reputation as one of the world's most respected news and current affairs channels.
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56:57

All the Plenary's Men [2017] - "The Definitive HSBC Scandal Documentary"

This incredibly well researched documentary by John Titus tells the real life tale illustr...

All the Plenary's Men [2017] - "The Definitive HSBC Scandal Documentary"

This incredibly well researched documentary by John Titus tells the real life tale illustrating how the financial systems of the world are nothing more than global criminal banking cartels immune to law. The story covers HSBC’s exoneration in December 2012 for laundering money for drug dealers and terrorists, and sadly this documentary didn’t get nearly the scrutiny it deserved. You see, prosecutors working on the HSBC case were actually going to indict the bank, but they got overruled, and HSBC and its team of criminals skated. The story of how exactly that reversal came about reveals, if not the King himself, then certainly many of the King’s top men. Make the coffee extra strong before viewing! Lots of ground gets covered, very quickly.
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This video was blocked worldwide due to the end credits song so I replaced with "Malicious" by dem bois @ http://incompetech.com
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46:28

Corrupt Britain: The Land of Cover Ups, Whitewashes & Secrecy

This session will look at - and seek to explain - the British obsession with cover-ups and...

Corrupt Britain: The Land of Cover Ups, Whitewashes & Secrecy

This session will look at - and seek to explain - the British obsession with cover-ups and whitewashes, as evidenced in recent years by farcical and less-than-honest inquiries into matters such as phone-hacking, Hillsborough, and Jimmy Savile and a prevailing attitude of 'protect the establishment at all costs'.
It will also look at the hypocrisy of British politicians who claim to advocate transparency and integrity, particularly for offshore financial centres, while practicing secrecy and deceit.
Presented by: NICK KOCHAN, Journalist & Author (London)
Recorded on November 24, 2015 during The OffshoreAlert Conference in London at The GrangeSt. Paul'sHotel.
OffshoreAlert is an independent news website founded in 1997 by investigative reporter David Marchant and offers news, documents & intelligence about businesses and individuals operating in Offshore Financial Centers, with an emphasis on fraud investigations. OffshoreAlert also holds conferences in North America and Europe tailored for the offshore world. OffshoreAlert is generally considered to be a leading authority on OFCs and serious financial.
More information about The OffshoreAlert Conference can be found at http://offshorealert.com/events.aspxDownloadPresentation: http://www.offshorealert.com/uploadedFiles/Events/OffshoreAlert_Conferences/2015/London/Sessions/Nick%20Kochan%20on%20British%20scandals.pdf

1:00:10

How Is Money Laundering Detected? The CIA, Drugs, Trade & Finance in Panama Day 4 Part 2 (1988)

Formed in 1989 by the G7 countries, the FATF is an intergovernmental body whose purpose is...

How Is Money Laundering Detected? The CIA, Drugs, Trade & Finance in Panama Day 4 Part 2 (1988)

Formed in 1989 by the G7 countries, the FATF is an intergovernmental body whose purpose is to develop and promote an international response to combat money laundering. The FATF Secretariat is housed at the headquarters of the OECD in Paris. In October 2001, FATF expanded its mission to include combating the financing of terrorism. FATF is a policy-making body that brings together legal, financial, and law enforcement experts to achieve national legislation and regulatory AML and CFT reforms. Currently its membership consists of 34 countries and territories and two regional organizations. In addition, FATF works in collaboration with a number of international bodies and organizations. These entities have observer status with FATF, which does not entitle them to vote, but permits them full participation in plenary sessions and working groups.[28]
FATF has developed 40 recommendations on money laundering and 9 special recommendations regarding terrorist financing. FATF assesses each member country against these recommendations in published reports. Countries seen as not being sufficiently compliant with such recommendations are subjected to financial sanctions.
In an attempt to prevent dirty money from entering the US financial system in the first place, the United States Congress passed a series of laws, starting in 1970, collectively known as the Bank Secrecy Act. These laws, contained in sections 5311 through 5332 of Title 31 of the United States Code, require financial institutions, which under the current definition include a broad array of entities, including banks, credit card companies, life insurers, money service businesses and broker-dealers in securities, to report certain transactions to the United States Treasury. Cash transactions in excess of US$10,000 must be reported on a currency transaction report (CTR), identifying the individual making the transaction as well as the source of the cash. The US is one of the few countries in the world to require reporting of all cash transactions over a certain limit, although certain businesses can be exempt from the requirement. Additionally, financial institutions must report transaction on a Suspicious Activity Report (SAR) that they deem "suspicious", defined as a knowing or suspecting that the funds come from illegal activity or disguise funds from illegal activity, that it is structured to evade BSA requirements or appears to serve no known business or apparent lawful purpose; or that the institution is being used to facilitate criminal activity. Attempts by customers to circumvent the BSA, generally by structuring cash deposits to amounts lower than US$10,000 by breaking them up and depositing them on different days or at different locations also violates the law.[56]
The financial database created by these reports is administered by the U.S.'s Financial Intelligence Unit (FIU), called the Financial Crimes Enforcement Network (FinCEN), which is located in Vienna, Virginia. These reports are made available to US criminal investigators, as well as other FIU's around the globe, and FinCEN conducts computer assisted analyses of these reports to determine trends and refer investigations.[57]
The BSA requires financial institutions to engage in customer due diligence, which is sometimes known in the parlance as "know your customer". This includes obtaining satisfactory identification to give assurance that the account is in the customer's true name, and having an understanding of the expected nature and source of the money that flows through the customer's accounts. Other classes of customers, such as those with private banking accounts and those of foreign government officials, are subjected to enhanced due diligence because the law deems that those types of accounts are a higher risk for money laundering. All accounts are subject to ongoing monitoring, in which internal bank software scrutinizes transactions and flags for manual inspection those that fall outside certain parameters. If a manual inspection reveals that the transaction is suspicious, the institution should file a Suspicious Activity Report.[58]
The regulators of the industries involved are responsible to ensure that the financial institutions comply with the BSA. For example, the Federal Reserve and the Office of the Comptroller of the Currency regularly inspect banks, and may impose civil fines or refer matters for criminal prosecution for non-compliance. A number of banks have been fined and prosecuted for failure to comply with the BSA. Most famously, Riggs Bank, in Washington D.C., was prosecuted and functionally driven out of business as a result of its failure to apply proper money laundering controls, particularly as it related to foreign political figures.
http://en.wikipedia.org/wiki/Money_laundering
Image By Pen Waggener (Flickr: Economic Landscape) [CC-BY-2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons

NEW YORK, NY - U.S. AttorneyPreet Bharara and FBIAssistant Director-in-Charge George Venizelos announce criminal charges against JPMorgan Chase Bank, N.A. consisting of two felony violations of the Bank Secrecy Act, in connection with the bank's relationship with Bernard L. MadoffInvestment Securities. Mr. Bharara also announces an agreement with JPMorgan, under which the Bank agreed to accept responsibility for its conduct by stipulating to the accuracy of an extensive Statement of Facts; to pay a $1.7 billion penalty to the victims of the Madoff fraud through a parallel civil forfeiture complaint; to refrain from future criminal conduct and cooperate fully with the Government; and to continue reforms of its Bank Secrecy Act/Anti-Money Laundering compliance program. The criminal charges are contained in a two-count felony Information. Assuming the bank�s continued compliance with the agreement, the Government has agreed to defer prosecution on the Information for a period of two years, after which time the Government will seek to dismiss the charges.

2:13:11

The Power of Thought Vibrations: Asserting the Life Force and the Law of Attraction

The Power of Thought Vibrations: Asserting the Life Force and the Law of Attraction

Download→ "Thought Vibration - The Law of Attraction" - PDF (161 Pages)
http://www.mediafire.com/download/9qve1ci1jns533a/Thought_Vibration__Or__The_Law_of_Attrac.pdf
Twitter: https://twitter.com/Darehl
The Power of Thought Vibrations: Asserting the Life Force and the Law of Attraction ~ William Walker Atkinson
Summary from Wikipedia:
William Walker Atkinson (December 5, 1862 -- November 22, 1932) was an attorney, merchant, publisher, and author, as well as an occultist and an American pioneer of the New Thought movement.
Atkinson was a prolific writer, and his many books achieved wide circulation among New Thought devotees and occult practitioners. He published under several pen names, including MagusIncognito, Theodore Sheldon, Theron Q. Dumont, Swami Panchadasi, Yogi Ramacharaka, Swami Bhakta Vishita, and probably other names not identified at present. The works published under the name of William Walker Atkinson generally treat themes related to the mental world, occultism, divination, psychic reality, and mankind's nature. They constitute a basis for what Atkinson called "New Psychology" or "New Thought". These titles include Thought-Force in Business & Everyday Life (1900), Thought Vibration or the Law of Attraction in the Thought World (1906) and Practical MentalInfluence (1908).
Due in part to Atkinson's intense personal secrecy and extensive use of pseudonyms, he is now largely forgotten, despite having obtained mention in past editions of Who's Who in America, ReligiousLeaders of America, and several similar publications - and having written more than 100 books in the last 30 years of his life. His works have remained in print more or less continuously since 1900.
online book: http://www.thoughtvibrations.com/asserting_life_force.html
"When you concentrate your energy purposely on the future possibility that you aspire to realize, your energy is passed on to it and makes it attracted to you with a force stronger than the one you directed towards it." Stephen Richards
"See the things that you want as already yours. Know that they will come to you at need. Then let them come. Don't fret and worry about them. Don't think about your lack of them. Think of them as yours, as belonging to you, as already in your possession." -- Robert Collier
"The Law of Attraction attracts you to everything you need, according to the nature of your thoughts. Your environment and financial condition are the perfect reflection of your habitual thinking." Dr. Joseph MurphyImagination is everything. It is the preview of life's coming attractions.-- Albert Einstein
Quotes from the movie "The Secret":
1. We all work with one infinite power
2. The Secret is the Law of Attraction (LOA)
3. Whatever is going on in your mind is what you are attracting
4. We are like magnets - like attract like. You become AND attract what
you think
5. Every thought has a frequency. Thoughts send out a magnetic energy
6. People think about what they don't want and attract more of the same
7. Thought = creation. If these thoughts are attached to powerful
emotions (good or bad) that speeds the creation
8. You attract your dominant thoughts
9. Those who speak most of illness have illness, those who speak most of
prosperity have it..etc..
10. It's not "wishful" thinking.
11. You can't have a universe without the mind entering into it
12. Choose your thoughts carefully .. you are a masterpiece of your life
13. It's OK that thoughts don't manifest into reality immediately (if we
saw a picture of an elephant and it instantly appeared, that would be
too soon)
14. EVERYTHING in your life you have attracted .. accept that fact ..
it's true.
15. Your thoughts cause your feelings
*This is a Librivox recording. All Librivox recordings are in the public domain. For more information or to volunteer:
Visit librivox.org.

1:03:31

Anti-Money-Laundering, Counterterrorism Financing and Financial Crime

Anti-Money-Laundering, Counterterrorism Financing and Financial Crime: The Critical Role o...

Anti-Money-Laundering, Counterterrorism Financing and Financial Crime

Anti-Money-Laundering, Counterterrorism Financing and Financial Crime: The Critical Role of Financial Institutions and How It Affects You
Talk by Hue Dang ’92, Head of Asia for the Association of Certified Anti-Money-Laundering Specialists. Media coverage in the last several years of financial penalties against global banks such as BNP Paribas ($8.9 billion) or HSBC ($1.92 billion) for money-laundering and sanctions violations—to name just a few examples—highlights the increasing risks to banks as they conduct their normal business. We now live in an era of international money-laundering controls. The terrorist attacks of Sept. 11, 2001, revolutionized the anti-money-laundering (AML) field and brought into stark relief the threat of the movement and disguising of funds destined for the support of terrorism throughout the world, introducing a whole new effort to combat the financing of terrorism (CFT). As a result of the governmental reaction in virtually all countries, banks, non-bank financial institutions and nonfinancial businesses face tougher national and international legal requirements and harsher penalties than ever before. By the same token, the regulators of those businesses, law-enforcement agents and prosecutors also face greater challenges and responsibilities in their work. The discussion of what this means to you will include the economic and social consequences of money laundering; the latest regulatory developments in the U.S., Asia and Europe; challenges in effective AML/CFT implementation; and key lessons learned from recent cases. Presented by the Class of 1992.

Bank regulation in the United States is highly fragmented compared with other G10 countries, where most countries have only one bank regulator. In theU.S., banking is regulated at both the federal and state level. Depending on the type of charter a banking organization has and on its organizational structure, it may be subject to numerous federal and state banking regulations. Unlike Japan and the United Kingdom (where regulatory authority over the banking, securities and insurance industries is combined into one single financial-service agency), the U.S. maintains separate securities, commodities, and insurance regulatory agencies—separate from the bank regulatory agencies—at the federal and state level.[1]
U.S. banking regulation addresses privacy, disclosure, fraud prevention, anti-money laundering, anti-terrorism, anti-usury lending, and the promotion of lending to lower-income populations. Some individual cities also enact their own financial regulation laws (for example, defining what constitutes usurious lending).
A bank's primary federal regulator could be the Federal Deposit Insurance Corporation, the Federal Reserve Board, or the Office of the Comptroller of the Currency. Within the Federal Reserve Board are 12 districts centered around 12 regional Federal Reserve Banks, each of which carries out the Federal Reserve Board's regulatory responsibilities in its respective district. Credit unions are subject to most bank regulations and are supervised by the National Credit Union Administration. The FederalFinancial Institutions Examination Council (FFIEC) establishes uniform principles, standards, and report forms for the other agencies.
State-chartered banks are also subject to the regulation and supervision of the state regulatory agency of the state in which they were chartered. State regulation of state-chartered banks applies, in addition to federal regulation. For example, a California state bank that is not a member of the Federal Reserve System would be regulated by both the California Department of Financial Institutions and the FDIC. Likewise, a Nevada state bank that is a member of the Federal Reserve System would be jointly regulated by the Nevada Division of Financial Institutions and the Federal Reserve.
State banking laws apply to state-chartered banks and certain non-bank affiliates of federally chartered banks.
By statute, and in accordance with judicial interpretation of statutes and the United States Constitution, federal banking statutes (and the regulations and other guidance issued by federal banking regulatory agencies) often preempt state laws regulating certain activities of nationally chartered banking institutions and their subsidiaries. Specific exceptions to the general rule of federal preemption exist such as some contract law, escheat law, and insurance law.
One example of Office of Thrift Supervision preemption begins with Section 550.136(a) of the OTS Regulations, providing that “...OTS occupies the field of the regulation of the fiduciary activities of Federal savings associations...Accordingly, Federal savings associations may exercise fiduciary powers as authorized under Federal law, including this part, without regard to State laws that purport to regulate or otherwise affect their fiduciary activities, except to the extent provided in 12 U.S.C. § 1464(n)...or in paragraph (c) of this section.” 12 U.S.C. § 1464(n) authorizes fiduciary activities for federal savings associations, and specifies certain state law requirements that are applicable to federal savings associations. Section 550.136(c) lists six types of state laws that, in certain specified circumstances, are not preempted with respect to federal savings associations.
At its core, financial transparency requires financial institutions to implement certain basic controls:[5]
they must know who their customers are (so-called know your customer rules);
they must understand their customers' normal and expected transactions;
and they must keep the necessary records and make the necessary reports on their customers.
The BankSecrecy Act (BSA) requires financial institutions to assist government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion or other criminal activities.
Section 326 of the USA PATRIOT Act allows financial institutions to place limits on new accounts until the account holder's identity has been verified.
Office of Foreign Assets Control (OFAC) sanctions apply to all U.S. entities including banks. The FFIEC provides guidelines to financial regulators for verifying compliance with the sanctions.
http://en.wikipedia.org/wiki/Bank_regulation_in_the_United_States

Joseph Salerno: The War on Cash...

Banking in Switzerland...

Press Conference with Rudolf Elmer...

Latest News for: Bank secrecy laws

The scandal has cast a spotlight on the deep-seated culture of secrecy at the ministry and the SDF. It has also underscored the serious erosion of the principle of civilian control, which basically means the subordination of a nation’s armed forces to its civilian authorities ... The ministry needs to demonstrate its commitment to taking this opportunity to stamp out the culture of secrecy and other problems behind the cover-up scandal....

The Head of Corporate and Investment Banking at the Stanbic BankGhana, Mr Kwamina Asomaning, has objected to the idea to set a separate minimum capital requirement for local banks, describing the move as unsafe since it will set the precedent for local banks to fail....

The bank said that it would cut headcount by 25 percent in its equities sales and trading business following a review of the business ... Deutsche Bank will shrink global staff to well below 90,000 from the current 97,000, ......

DUBLIN--(BUSINESS WIRE)--The "MobileBanking - How can Telcos Enter the Retail BankingMarket?" report has been added to ResearchAndMarkets.com's offering. This study addresses the mobile banking penetration strategy for a telco. After a review of the disruptions that reconfigure the banking market, the study focuses on the various strategic questions that may arise when a telco is launching such an initiative....

Richmond-based UnionBank & Trust has signed a deal with The Federal Savings Bank to work together to offer residential mortgages and services from Union bank locations ... Chicago-based The Federal Savings Bank, one of the largest ......

The new feature allows users to transfer money from your bank to any bank account using Paytm for free ... Paytm doesn’t charge any fee on transferring money from your bank account to another bank account ... now lets you make free bank to bank transfers with cashback (Paytm) ....

CHICAGO, May 23, 2018 (GLOBE NEWSWIRE) -- The Federal Savings Bank (TFSB), one of the largest privately held, federally chartered, veteran-owned banks in America focused on residential lending, and UnionBank & Trust (Union) today announced that they signed a definitive agreement to team together to offer TFSB residential mortgages....

THE BANK holiday is the perfect time to get a bit of extra shopping done ... When is Next open over the bank holiday?. Most Next stores will be open over the bank holiday ... It’s important to do this before heading out shopping on the bank holiday to avoid disappointment ... Does Next have any special offers on for the bank holiday?....

UnionBank Plc has announced the deployment of the innovative Robotic Process Automation (RPA) technology in its operations. The bank explained that the move would set it apart from its counterparts in the industry. The new technology was launched at an event which took place at the bank’s head office in Lagos... The post Union Bank Introduces Robotics into Banking appeared first on THISDAYLIVE....